Philistines Strike Again

The litigation currently going on in the Lehman Brothers bankruptcy case reveals just how uninformed the risk managers at Lehman were on the eve of the firm blowing up. Bloomberg says 

"Lehman’s books were in such a mess that I don’t think they knew where they were,” Elizabeth James, a director of Barclays’s futures business, testified in U.S. Bankruptcy Court in Manhattan. James worked on Barclays’s purchase of Lehman’s brokerage during the 2008 financial crisis. 

And the dog ate my homework - all bullshit!