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  MntnWllm

  Oct. 25, 2006, 7:41 p.m.

  sorry to seem irreverent but, this reminds me of a joke:

  A newlywed couple is loudly arguing on their wedding night, in their hotel room - their nupital bed, as it were - whether to send their first child to Princeton (wife's almamater) or Yale (groom's almamater) - anyhoo - they argue, loudly, for a very long time. Finally, the occupant of the next room bangs on the wall and yells over "Just roll her over, *u** her in the a** and send the results to Harvard"
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  blog2006

  Oct. 26, 2006, 8:56 a.m.

  Actually,a major culprit is the government - Financial Accounting Standards Board (FASB)to be exact,who accepted accounting principle changes,such as very agressively counting as assets the future earnings of some projects,which made possible this incredible sand castle nonsense.(and borrow against that,and create more improbable projects overseas or planet Mars which they accounted for as being worth billions,etc...)

  I am amazed that the government s responsibility in this was not scrutinized better
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  blog2006

  Oct. 26, 2006, 9:01 a.m.

  What was litigated was phase 2 of the problem:the cover up tricks of Fastow -but the case could be made that it was FASB s failure and tolerance which allowed all these investors and pension holder to be defrauded.

  A little convenient for the government

  Harvard itself was just a social club with some influence,and happened to have some key people involved.

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