{"id":424005,"date":"2010-03-12T07:45:48","date_gmt":"2010-03-12T12:45:48","guid":{"rendered":"http:\/\/www.prisonplanet.com\/?p=36578"},"modified":"2010-03-12T07:45:48","modified_gmt":"2010-03-12T12:45:48","slug":"lehman-brothers%e2%80%99-chiefs-concealed-losses-with-accounting-%e2%80%98gimmick%e2%80%99-days-before-700billion-collapse","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/424005","title":{"rendered":"Lehman Brothers\u2019 chiefs concealed losses with accounting \u2018gimmick\u2019 days before $700billion collapse"},"content":{"rendered":"

UK<\/a> Daily Mail<\/a><\/a>
\nMarch<\/a> 12, 2010<\/p>\n

Lehman Brothers used accounting gimmicks and had been insolvent for weeks before it filed for bankruptcy in September 2008 with more than $700 billion (\u00a3461 billion) in assets, an official investigation has found.<\/p>\n

Some of Lehman\u2019s management\u2019s decisions can be questioned and the firm\u2019s valuation procedures for its assets may have been wanting \u2013 but those responsible were not liable for the firm\u2019s collapse, Anton Valukas found.<\/p>\n

However, Lehman could have claims against former chief executive Dick Fuld and chief financial officers Chris O\u2019Meara, Erin Callan and Ian Lowitt for negligence or breach of fiduciary duty, he added.<\/p>\n

The revelations came in a 2,200-page report into who could be blamed for the firm\u2019s collapse in 2008, which deepened the global financial crisis<\/a>.<\/p>\n

The examiner said there was also sufficient evidence to support a possible claim that the firm\u2019s auditor, Ernst & Young, had been \u2018negligent\u2019 and that Lehman could pursue claims against the firm for \u2018professional malpractice\u2019.<\/p>\n

Read more: http:\/\/www.dailymail.co.uk<\/a>\/news<\/a>\/article-1257350\/Lehman-Brothers-bosses-manipulated-balance-sheet-accounting-tricks-scathing-report-finds.html#ixzz0hxlNWEAM<\/a><\/p>\n

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