Reading this article, Tales From Lehman’s Crypt – NYTimes.com, I was really impressed by how the employees interviewed took little or no responsibility for what happened at Lehman Brothers. Indeed, some of them insisted that it was the regulators job to stop them from doing the damage they did.
In the near term, after the political battle over health care has settled done, there will be a battle over regulation of the financial industry in the U.S. During that battle, there will be people who will say that strict regulation isn’t necessary, while others will insist it is essential. Having this article in mind will be useful while you listen to that debate.
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