The BP crisis in the Gulf of Mexico has rightfully been analysed (mostly) from the ecological perspective. People’s lives and livelihoods are in grave danger. But that focus has equally masked something very serious from a financial perspective, in my opinion, that could lead to an acceleration of the crisis brought about by the Lehman implosion.

A report into the collapse of Lehman Brothers criticises senior executives and auditor Ernst & Young for serious lapses that led to the firm's collapse.

It is startling to think about the recent backlash against the banks. Robin Knight from cnbc.com wrote, ‘Bank of America is not too big,’ Moynihan said at the World Economic Forum in Davos, Switzerland. ‘Big by definition is not the question, it's a question of how you conduct your activities, how you manage activities and how you manage risk.’"

This week marks the one-year anniversary of the Lehman bankruptcy. The media struggles to say something meaningful about it. Here at The Daily Reckoning we will not even attempt meaningfulness. We’ll be satisfied with a few snide remarks.

What is most remarkable about the world a year after Lehman fell it is that so little seems to have changed. Even the papers have noticed.