LENDING MILLIONS TO AN UNKNOWN MAN (REVISITED). In looking at the post from April I linked to today, I note that the victim of the scam was Lehman Brothers. Only a few months later I was posting on Lehman’s inability to identify and locate their assets.
I’ve noticed long-doomed companies using the current maelstrom as a scapegoat for their failures. Circuit City was being driven into the ground long before things went south, Yahoo had redundancy all over the place and inept management, and Honda’s F1 team blamed the economic downturn for their failure even though they’ve been burning insane amounts of cash on underwhelming cars.
What an interesting… not-so-coincidental connection. Lee and I have been wondering for a time whether this whole “shocking economic downturn” has actually been inevitable for quite a while, as the screw-ups just kept screwing up and getting away with it.