As expected, regulators were/are willingly lax in the duty they are paid to perform.
And Greece, well, chickens are coming home to roost.
"This is jaw-dropping stuff. Not only did the regulators of Lehman actually know about its accounting shenanigans, they may have actually blessed them in order to sort out a "smooth" sale. This also explains why US regulators may not have been overly keen for an American buyer of Lehman to emerge, but instead pinned all their hopes on Barclays, a bank from the United Kingdom. "
Liar's punishment
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