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Lehman Fraudulently Cooked Its Books, Accounting Giant Ernst & Young Helped, Geithner and Bernanke Winked and Slapped Them on the Back
As William K. Black said a year ago, the government's entire strategy now - as in the S&L crisis - is to cover up how bad things are ("the entire strategy is to keep people from getting the facts"). Paul Krugman and others pointed out that Geithner has been trying to artificially prop up asset prices, but that such a strategy cannot succeed. As I've pointed out numerous times, the stress tests were a total sham, with a pre-ordained passing grade for the banks. As I've noted repeatedly over the last couple of years, the government has allowed the giant banks to hide their liabilities and maintain dizzying amounts of leverage by using off-balance-sheet gimmicks.