Its Blue and Gold license plate proclaims Delaware to be “The First State,” but a more up-to-date slogan might be “The First Corporate Enabler.”
I found myself thinking about Delaware’s lax standards for corporate behavior earlier this year as I paged through Anton Valukas’s exhaustive report on the demise of Lehman Brothers. In the report, the court-appointed bankruptcy examiner and Jenner & Block chairman skillfully lays out the foolhardy path that Lehman traveled before skidding into well-deserved bankruptcy.
