More on mis-management at the core of the crisis:
Nell Minow, editor and co-founder of the Corporate Library, which researches and rates firms on corporate governance, raised other reasons that observers might have been skeptical of management at Lehman. “On Lehman Brothers’ [board], . . . they had an actress, a theatrical producer, and an admiral, and not one person who understood financial derivatives.” The Corporate Library gave Lehman a D rating in June 2004, a grade it downgraded to F in September 2008.
FCIC report, pg 327
Not new, but still...
