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Report Details How Lehman Hid Its Woes as It Collapsed

Discussion in 'Finance & Banking' started by Tropo, 12th Mar, 2010.

  1. Tropo

    Tropo Well-Known Member

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    It is the Wall Street equivalent of a coroner’s report — a 2,200-page document that lays out, in new and startling detail, how Lehman Brothers used accounting sleight of hand to conceal the bad investments that led to its undoing.
    The report, compiled by an examiner for the bank, now bankrupt, hit Wall Street with a thud late Thursday. The 158-year-old company, it concluded, died from multiple causes.
    Among them were bad mortgage holdings and, less directly, demands by two rivals, JPMorgan Chase and Citigroup, that the foundering bank post collateral against loans it desperately needed.
    more... Lehman Brothers Hid Borrowing, Examiner Says - NYTimes.com