Lehman Brothers Holding, Inc. is touted as the card that brought down the financial house-of-cards. Now we learn that at least part of the blame lies with the SEC for allowing speculators to illegally make 'naked short sales' . Credit Default Swaps and now Naked Short Sales. Regulators asleep at the wheel. How many more Rip Van Winkles will we find?
The SEC has been a wreck of an agency for a very long time.
AFAIK, that major whistleblower brought them clear evidence of the Madoff ponzi scheme back in 1998. (!!!)
So there's no point in blaming any one certain President or Administration . . . this was an endemic problem.
Not only that, and for many reasons, it will almost certainly happen again.