Morgenson: How Lehman Brothers Got its Real Estate Fix

(c) 2009 F. Bruce Abel

It's long and I have read only the first page, but it's clear and fascinating.

http://www.nytimes.com/2009/05/03/business/03real.html?hp

OK, I've read the whole thing and it's valuable because it shows the progression of things while also showing the banality of evil: Walsh was not an evil person, just "smarter" than everybody else. His boss did not understand what he was doing, but it produced huge profits, etc.

Which leads to the now "age-old" dilemma: How to prevent this from happening.

What is also interesting is that these schemes lie hidden to the Main Street world until long after the damage is done. And they always will remain so. And I'm not even sure my use of the word "schemes" isn't too over-the-top.

And another example of how one man, one man, can bring down an institution and an industry, perhaps.