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Analysts Are Such Dicks

A tremendous collection of documents relating to the failed Lehman Brothers has been placed on line by the NY Fed. I am not entirely certain why they are online.

The consensus seems to be that the winner of the day is a piece titled Bruised, Not Broken, Poised For Profitability which is a piece by Patrick Penschmidt extolling the virtues of Lehman and why everyone should be overweight the stock. Six weeks later Lehman were dead in the water.

Apparently the author of this piece is now a senior policy wonk at the US Treasury Department…and people wondered why governments were so badly run.

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