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Lehman Brothers auditors were negilgent says report
Iran Herald
Friday 12th March, 2010
When the 158-year-old investment bank Lehman Brothers collapsed in September 2008 it was the biggest bankruptcy in U.S. history.
Now Anton Valukas, who was appointed by the court to examine the reasons for the bank's collapse, has delivered a 2,200 page report which slams the company's executives, auditors, and competitors.
The examiner says auditors Ernst & Young were negligent and could be sued for "professional malpractice." Valukas said the firm should be held to account, "for among other things its failure to question and challenge improper or inadequate disclosure in those financial statements."
Former Lehman Brothers CEO Richard Fuld, former Chief Financial Officer Erin Callan, former Executive Vice President Ian Lowitt and former Managing Director Christopher engaged in balance sheet manipulation, and made decisions that contributed to the collapse, the Valukas report said.
British bank Barclay's was also hammered in the report with a claim the bank, which purchased Lehman's U.S. operations, had a number of assets improperly transferred to it.
Valukas said Lehman competitors JPMorgan and Citigroup aided the bank's downfall by changing covenants and calling in collateral worth $16 billion in the bank's final days.  Email this story to a friend
Comments on this story
| By Anonymous, 03-12-10, 07:18 AM |
Scathing report on Lehman Brothers releasedIT IS TOTALLY A WASTE OF TIME READING THE REPORTS.
ALL THESE TOP PEOPLE IN BANKING ARE ALL MASONS!
MASONS DON’T GENERALLY HARM THEIR OWN BROTHERHOOD UNLESS THEY ARE BETRAYED.
NOTHING WILL BE DONE. IT IS JUST KOOL-AID FOR PUBLIC CONSUMPTION. |
| By ` ~galljdaj+, 03-12-10, 12:24 PM |
The name is... !Adversarial Capitalism US Style!
Bought and paid for by Bribes to Our Politicians!
The big change being orchestrated by wonderful ronnie! He divided the Nation with a religious issue, and proceeded on his personal hate and goal of the destruction of Unions! Egaerly joined by republicanism! and a full time 'acting president'!
Clinton, showed the democrats they too could get bribes! And Today we have lost Our Nation to the '1% rich' with Our Politicians in tow as their servants. wonderful ronnie showed them how to make grand speeches for and against the Peoples Interests, and and put the stripminning into working around the clock!
And the People now have a permenant Depression!
The Examples of People in Charge is under full attack because a stupid and fully controled Public is required to protect the few in their grand life!
While there are countries where the entire Population is moving up out of poverty even in the world wide DEPRESSION! That is the threat to the stripminers! Example of Peoples Succeeding! |
| By ` ~galljdaj+, 03-12-10, 01:34 PM |
An Example of where and to what Our 'leaders' have and are taking us:
I N T E R N A T I O N A L
Havana. March 11, 2010
The practice of torture by the United States is a negative influence on the world
GENEVA, March 10.—The reaction of the United States and its allies to the September 11, 2001 attacks to intensify the use of torture in their investigations has had a highly negative influence on the rest of the world, stated Manfred Nowak, the UN special rapporteur on torture.
'Many countries felt that if even the United States is officially torturing, why should not we also torture,' the expert explained during a press conference in Geneva, in which he took stock of his five years of his mandate.
Nowak highlighted the contradiction between the fact that the United States is seen as the country “that invented human rights,” while he added that the 'entire world knows that the United States practiced torture although it (the government of then President George W. Bush) denies it.'
Likewise, Nowak referred to the most widespread kinds of torture currently being used, among which he listed sleep disturbance, which is perpetrated at the detention center for terrorism suspects on the U.S. base in Guantánamo Bay (Cuba), where prisoners are woken up every 15 minutes.
Nowak stated that the principal reason given for the use of torture is to obtain a confession, a statement that will later be used in trials.
Translated by Granma International
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| By secret slave, 03-12-10, 04:21 PM |
Bush junior was salaam,
War of terror began in Bush juniors oath to Bush senior prior to his election of 2000,
publicly admitted the foundation of Bush juniors WAR of terror,
so that was civilian attitude terrorist,
CIA warned Bush of the attack of 911,
Bush junior choose to ignor airport security problem was mentioned prior to 911 attack,
is how FBI held passports,
before the dust had settled in 911 attack,
so they blamed Lockerbie,
while neglecting its own BOSS Bush junior!
feeamanellaah |
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