Wall Street succumbs to 30 years of Wall Street Journal editorial page advice

The fourth largest US investment bank declared its insolvency today, the latest development in an ongoing financial crapstravaganza which former Federal Reserve chairman Alan Greenspan has called a "once-in-a-century" event, with Americans enjoying the best seats in the house. The collapse of Lehman Brothers came after government-led negotiations with industry failed to secure a buyer, owing to Wall Street's bad health generally and Uncle Sam's refusal to sufficiently bankroll the transaction to their liking. Initial optimism that Bank of America might intervene on Lehman's behalf was scuttled when the country's largest commercial banker walked away in a deal solicited by Merill Lynch; similar scrambles were reported to be the practical outcome of consultations held ostensibly on Lehman's behalf.