A Tsunami of Excuses

By WILLIAM D. COHAN
Published: March 11, 2009
IT’S been a year since Bear Stearns collapsed, kicking off Wall Street’s meltdown, and it’s more than time to debunk the myths that many Wall Street executives have perpetrated about what has happened and why. These tall tales — which tend to take the form of how their firms were the “victims” of a “once-in-a-lifetime tsunami” that nothing could have prevented — not only insult our collective intelligence but also do nothing to restore the confidence in the banking system that these executives’ actions helped to destroy.

http://www.nytimes.com/2009/03/12/opinion/12cohan.html?em=&pagewanted=all