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 Lehman Brothers' former heads criticised for lapse

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RR Phantom

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Lehman Brothers' former heads criticised for lapse Vide
PostSubject: Lehman Brothers' former heads criticised for lapse   Lehman Brothers' former heads criticised for lapse Icon_minitimeFri Mar 12, 2010 4:15 pm
A report into the collapse of Lehman Brothers criticises senior executives and auditor Ernst & Young for serious lapses that led to the firm's collapse.

The report says Lehman was insolvent for weeks before it went bankrupt, sparking a global financial meltdown.

It accuses management of "actionable balance sheet manipulation" and using accounting tricks to hide debts.

Ernst & Young said that its last audit of Lehman was "fairly presented" according to accounting rules.

The collapse of the 158-year-old investment bank in September 2008 was the world's largest bankruptcy.

Wall Street, the City of London, and the US and UK governments tried to organise a rescue, fearing - rightly - that Lehman's failure would set off a chain reaction around the globe.

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