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Re: Soapy Bubbles post# 5

Tuesday, 10/07/2008 9:08:15 PM

Tuesday, October 07, 2008 9:08:15 PM

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Instead, we get the usual platitudes from the likes of Joe Nocera at The New York Times. He writes:

“Mr. Fuld, in typical C.E.O. fashion, claimed to take ‘full responsibility’ for his actions — but spent the entire time blaming others for Lehman’s downfall. Early in his testimony, he even blamed [emphasis mine] ‘naked short-sellers’ who passed along “false rumors” that started a run on his bank.”

By Nocera’s standards of anti-investigative journalism, a serious issue is settled not with data or evidence, but with one word – “Even.” Could naked short selling have triggered the bank run that has Chernobyled our financial system? Can’t be, writes Nocera, because Lehman’s CEO “Even”, said it can be.

Nocera continues: “As both The New York Times and The Wall Street Journal pointed out in lengthy stories on Monday, Mr. Fuld had assets on his books that were wildly overvalued.”

So, apparently, Lehman could not have been a victim.

A woman who once shoplifted is raped in an alley. Was she raped? No, because she was a shoplifter and she “even blamed” the rapist.

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