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Weil on Finance: Lehman Brothers and Tulip Mania

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Inside the SEC’s decision not to sue anyone from Lehman Brothers.

Ben Protess and Susanne Craig of the New York Times have a behind-the-scenes look at the Securities and Exchange Commission’s decision not to file claims against Dick Fuld or other former executives of Lehman Brothers. George Canellos, the SEC lawyer who supervised the agency’s investigation, said there wasn’t enough evidence. Others disagreed. Mary Schapiro, the former SEC chairman, told him “the world won’t understand.” She was right. Read more...