“LEHMAN HAD TO DIE POUR ENCOURAGER LES AUTRES.”

“LEHMAN HAD TO DIE POUR ENCOURAGER LES AUTRES.” Since I made the above post, I have read Niall Ferguson’s essay in today’s Financial Times. Ferguson is in full agreement with that post and sums things up this way: “Like the executed British admiral in Voltaire’s famous phrase, Lehman had to die pour encourager les autres – to convince the other banks that they needed injections of public capital, and to convince the legislature to approve them.”