XXX-Ratings May Save Us From Financial Armageddon: William Pesek
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Nov. 30 (Bloomberg) -- Twelve-hour flights are a chance tocatch movies you might not expect to be good entertainment --such as “Too Big to Fail,” Hollywood’s take on the meltdown ofLehman Brothers Holdings Inc.
I watched it while flying from Tokyo to New York and keptthinking about what Lehman’s failure says about the OlympusCorp. scandal back in Japan. The off-balance-sheet risks, thetax havens, the impenetrable accounting, the smarmy anddelusional executives saying all’s well, the hapless regulators.