No one should be surprised to learn that major banks receiving taxpayer bailouts will use the funds for purposes other than what government officials promised. Just the same, Louise Story and Eric Dash of the International Herald Tribune provide a good account of the carnage to date and the plans

We don’t doubt the difficulty or complexity of the responsibilities of Steven Pearson, the PricewaterhouseCoopers partner overseeing the disposition of Lehman’s U.K. operations, but his insistence that hedge funds meet margin calls on positions to which they are denied access is unreasonable. According to Tom Cahill’s

The U.S. Securities and Exchange Commission issued a statement concerning short selling, yesterday, announcing an extension of the temporary prohibition of short selling in financial companies. According to the Commission: [T]here are circumstances in which short selling can be used as a tool to mislead the market. For

In “Goldman, Morgan Rewrite Playbooks” Aaron Lucchetti and Kate Kelly of The Wall Street Journal report that the chief executive officers of Goldman Sachs and Morgan Stanley “pushed for rules that are an anathema to many free-market champions:” During phone conversations [with regulators], both CEOs said they needed new, emergency