The report into Lehman's failure will no doubt prompt much snorting about swindling investment bankers. Some may be tempted to draw parallels with past financial frauds, such as Enron or Madoff. But to do so would miss the wider point about Lehman's collapse.

Lehman was a poorly-managed bank that operated an irresponsible business model. But it was no Enron or Ponzi scheme. Indeed it behaved much as any bank would, if allowed, in a similar situation.

It is worth looking back to the months before Lehman's collapse. After the rescue of Bear Stearns in March 2008, it was clear that investors were losing faith in highly-leveraged investment banks that relied on wholesale funding. This was Lehman in excelsis. As such, it was the next domino in line.