Arthur Levitt Returns

"The scope of this crisis is not the only similarlity to the Enron-era scandaals. They also share root causes that include conflicts of interest, a lack of accountability, and limited transparency leavened with a healthy dose of naive greed. Then, these symptoms were found among a key group of gatekeepers--auditors. Now they are found in an equally critical gatekeeper--the credit ratings agencies", Arthur Levitt in the WSJ, 7 September.

I agree with Levitt's diagnosis. I part company with his perscription. We do not need "more oversight" or "independence". We need lawsuits and indictments.