Obama is Bush part 3

Debating the Lehman Collapse

Auditors also signed off on Enron's books. The only thing auditors do is spot check some (not all) assets.

Goldman and Morgan Stanley (and Lehman) have no way to properly value many of the illiquid assets on Lehman's books. The assets are listed at costs established during the real estate bubble -- way too high.

If Goldman et al are unable to value the assets -- its ridiculous to cite a bunch of CPAs rubber stamping Lehman's cost as being in any way accurate.

The firm is not solvent and there is no madness. There is nothing illogical about the price. If there was any merit to LEH, there are many smart and cash rich players who would jump in and take the free money.