Wednesday, October 22, 2008

Say what?

The Wall Street Journal reports that "Federal prosecutors probing the collapse of Lehman Brothers Holdings Inc. have subpoenaed other Wall Street securities firms, seeking information about whether their analysts were mislead by Lehman about its financial health, according to people familiar with the matter ..." OK, let me get this straight, the Feds are asking securities analysts if they totally screwed up their analysis or if they were 'mislead' by Lehman (a defunct firm) employees. Hmm, let me think a moment... which answer are they more likely to give?