I see perp walks


Lehman: One big derivatives mess

Enron may look tame compared with this: a fight over billions of dollars posted as collateral, then used in a tangled web of deals

Lehman used incoming money from deals as collateral in other deals. Which is legal, but they were way over-extended. Now it’s blown up, money is missing, and the lawsuits are piling up.

In the beginning, no one thought Enron execs would go to prison. But they did.

(As for the photoshopped image of Karl Rove being arrested, well, hope springs eternal.)