E&Y and Lehman show that he\’s been right all along of course. Thus accounting and auditing should be changed to suit his interests.
Slightly sad that he sets off with this:
…and it was used thereafter without further question arising to deliberately misrepresent the true nature of the balance sheet of the entity.
That sounds shocking expect for one thing – this is what happens day in, day out, the whole world over.
This is what securitisation was about.
Derivative trading is often intended to achieve such goals…
Oh, and there\’s me thinking that securitisation was about, well securitising. Passing on bundles of loans from originators to long term holders. And that derivatives trading was about the management of risk. Hedging oil prices for airlines, that sort of thing.
There\’s a certain difference between \”something naughty has been done\” and \”because something naughty has been done everything I don\’t like is wrong and naughty\”.
Ritchie really does seem to be stuck on the second here.