That piece ran after Enron—in 2002.

I’m not sure why the Times doesn’t mention Ernst & Young, Lehman’s accountant. It seems like they’ll have yet another problem on their hands here.

We’ve noted that the shadow-banking system has pretty much fallen off the regulatory-reform radar. With today’s Lehman story and Friday’s fantastic ProPublica piece on Magnetar, that ought to change.

These stories show the press leading, which is great to see.


Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu.