The new paper trail, described by William D. Cohen at Bloomberg:
Wall Street professionals (and others) still don’t grasp that e-mails and text messages are no place for laying out schemes of wrongdoing, for sharing one’s doubts about the wisdom of selling a flawed product or for freaking out when a large bet on an obscure derivative goes awry.
Even though the U.S. public has had exactly zero satisfaction when it comes to holding Wall Street accountable for the financial crisis that started in 2007, some degree of solace can be found in the stream of embarrassing e-mails and documents that those with subpoena power have kindly made available to the rest of us in recent years.
Follow the bread crumbs through the forest with Mr. Cohen.
Read the rest.