Counterpunch: Lehman Brothers scandal rocks the Fed

A new, 2,200-page report shows the cosy and, very probably, criminal relationship between the US main regulatory bodies and the Wall Street banks. The activities of the New York Fed, which at the time was headed by Geithner, is particularly suspect in this regard. In the dock are Fuld et al, Ernst&Young and the Fed (Geithner and Bernanke). At a minimum, the NY Fed helped perpetuate a fraud on investors and counterparties. Seems the Fed, which by its charter is tasked to promote the safety and soundness of the banking system, colluded with Lehman to protect particular actors to the detriment of the public at large, undermining, and probably violating, laws designed to protect investors and markets.