Last week’s report by Lawrence Alum Anton Valukas on Lehman Brothers reveals that the actions taken by Lehman were assumed to be legitimate and above board. Transparency was evident. But as Andrew Ross Sorkin opines in the linked New York Times story below,  which matches Michael Lewis’s view, the incentives were wrong, and regulators did not look in the obvious places.

http://www.nytimes.com/2010/03/16/business/16sorkin.html?adxnnl=1&ref=business&adxnnlx=1268751826-n8L9ylXvRETjzarAOCJirg