And, finally, in assessing which side is more credible, it’s worth remembering that in Valukas’s report it was top Lehman brass who were found to have repeatedly made “materially misleading” statements about things far more important than this.





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.