from Climate Audit...Lehman Bros. and Consensus
My interest in climate change derived in part from experience in the stock market where "consensus" is not infrequently established in favor of opinions that are completely incorrect. And, in many cases, the people promoting the views are competent and serious people. How are such things possible? I read about the Bre-X and Enron failures, trying to distinguish between the "shame on you" and the "shame on me" components - i.e. yes, the original misconduct and deceit was deplorable; but at what point should proper independent due diligence have been able to detect misconduct? At what point were regulatory agencies negligent? Obviously we're going to see a new spate of such inquiries in the wake of the recent collapses.More...
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