The information coming out the collapse of Lehman Brothers is astonishing. The bottom line is the current Treasury Secretary Timothy Geithner was at least guilty of gross incompetence in ignoring the looming crisis, and mostly likely complicit in manipulating markets by covering it up. I wrote about that here, and Naked Capitalism, among others, has covered it here and here.
Geithner deserved to be fired before this, and these new revelations will make that even more apparent. But I doubt that Obama wants to do anything drastic during the run up to passing his signature health care for fear of jeopardizing the process.
But that process will be over this weekend. What then? Will the administration finally do the right thing and start making some real changes?
I sure hope so.
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