I find it really hard to believe that the final chapters have been written on the Lehman Brothers collapse, especially with regard to holding their executives and Board accountable for the firm’s actions in the lead-up. But it’s looking increasingly like the New York Fed and the SEC played a serious role in allowing Lehman to essentially lie to the public and their shareholders about their balance sheet and the quality of their holdings.

As I write this, the Federal Court of Appeals has ruled the Fed must disclose documents that show which specific firms would have collapsed without the bailout of Lehman.

Put these things together and it’s clear there is much more to learn about how the financial collapse of 2008 happened, what the SEC and Fed knew, when they knew it, and how they may have facilitated broad efforts by Lehman to mislead the public about what was really going on with their books.

At some point, I’m just left thinking, “Who from the SEC and the Fed needs to face federal charges for fraud or negligence?”