You Can All Shut the F&^% Up About Ernst & Young Now
I wasn't the first to say it, Francine said it on Going Concern. And then I heard it again from a reliable source up North who insists the media are worked into a lather over nothing. I tend to get worked into a lather pretty easily so I am not really in a position to get pissed off at people for that.
I didn't say it.
"They deserved it."
I want to see the Big 87654 go down just as badly as anyone else but no one is asking why Lehman? Instead, the accounting-ignorant media are foaming at the mouth and pulling out all the tired Enron metaphors they can find.
Lehman is not Enron. Ernst & Young is not Arthur Andersen. That's like saying Katrina was another Loma Prieta, it's asinine and the more the media does it, the sillier it looks. There's no PCAOB at the other end of this and Lehman didn't just spontaneously combust in the vacuum of fraud like Enron. The point is we don't stop at Lehman.
Instead of getting distracted by accounting gimmicks, it would be wise now to ask why Lehman? On the 2 year anniversary of JP Morgan's pathetic Fed-blessed takeover of Bear Stearns, it might be appropriate to start asking that question instead of trying to demand Dick Fuld's head on a stick now.
I too am willing to STFU on this for awhile, there's other shit going on and other criminals. Lots and lots of other criminals.