For all the finger-pointing, a thick report on Lehman shows again that incompetent management was the problem. Short-sellers merely spotted it first.

I'd like to begin by talking about short selling, something near and dear to my heart for about 12 years until I closed my short fund a year ago.

The perils of short selling

What prompts this week's rant: the release of a 2,200-page report on the collapse of Lehman Brothers written by bankruptcy examiner Anton Valukas and filed March 11 in a Manhattan court. Mirror, mirror on Wall Street It was and still is a bit pathetic to blame short-sellers, given that the table for that disaster was set by reckless risk taking on the part of the fools running large financial institutions. But all through the crisis, people such as...