Thursday, September 11, 2008

Lehman, What Is It You'd Say You Do Here?

Watching the billionaire playerz that CNBC has trotted out this week to give us all happy talk about Lehman and WaMu (or stern, "hard edged" commentary that dodges any real conclusions about the system itself or the fact that they are watching it burn to the ground) I've been asking myself the same question that I asked about Countrywide and Bear Stearns - what is it that these guys really do that can't be done better by someone else?

Seriously - what value does Lehman or WaMu add to America that we don't already have 1,000 other corporations doing as well? What makes them so special that they need special handholding instead of the forced rationalization of their operations by a bankruptcy trustee? What is it they say they do here, besides beg for government protection while attempting to keep a failed business model afloat or whore themselves out to another bank?

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