Market Oracle: Lehman's Bankruptcy the Ultimate Wall Street Derivatives Defaults Nightmare

We've lost count of how many times the authorities have virtually sworn on a stack of Bibles that "our financial system is fundamentally sound."
But no one could possibly lose count of their recent desperate efforts to prevent the system's collapse — actions which directly belie their words:
One — the coordinated efforts by central banks to flood the global economy with liquidity in the summer of 2007.
Two — the hasty bailout of Bear Stearns in March of this year.
Three — the giant Fannie and Freddie rescue announced just eight days ago.
Each time they intervene, they say "we must not reward CEOs who deceive the public and walk off with multibillion dollar bonus checks." And each time they say it's the "last time we'll make an exception to that rule."