The Securities and Exchange Commission has ended their probe of Lehman Brothers without making any enforcement actions. It’s only the latest in a series of investigations that have either turned up empty or resulted in what amounts to a slap on the wrist.

Repo 105? What’s that? It’s immaterial, and besides, Ernst & Young says it’s great. And we told you we were screwing around with our balance sheet. So go away, silly investor. We took your money fair and square.