Lehman Brothers has used accounting gimmicks to conceal its bad investments that led to its bankruptcy.
 |
Employees carry their belongings out of the headquarters of the investment bank Lehman Brothers in New York, the United States, Sept. 14, 2008. The bank prepared to file for bankruptcy on Sept. 14 after Barclays PLC and Bank of America Corp. (BOA) pulled out from talks to buy the firm. (Xinhua Photo) |
Valukas found that Lehman died from multiple causes, including mortgage holdings and demands by rivals like JPMorgan Chase and Citigroup.
Lehman chose to “disregard or overrule the firm’s risk controls on a regular basis,” even as the credit and real estate markets were showing signs of strain, the report said.
According to the report, Lehman shuffled 50 billion U.S. dollars of troubled assets off its accounts before its collapse in September 2008. The move helped Lehman look like it had less debt on its books.
VietNamNet/Xinhuanet
Comments
You must be logged in to post a comment.
