Postion :Home>Finance> List
Lehman uses gimmicks to conceal real financial situation
Backgrounder: Lehman Brothers Holdings Inc. 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 Barcla
Backgrounder: Lehman Brothers Holdings Inc. >>
|
|
| 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) |
BEIJING, March 12 (Xinhuanet) -- The U.S. investment bank Lehman Brothers has used accounting gimmicks to conceal its bad investments that led to its bankruptcy, according to a report made public on Thursday.
The court-appointed examiner Anton R. Valukas compiled the 2,200-page report after one year of investigation into the collapse of Lehman Brothers.
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.
Crude prices stay above 82 U.S. dollars in New
Gold rises as dollar slips
Shares of Shenzhen Development Bank lower despi
Lehman uses gimmicks to conceal real financial
Tokyo stocks close week at fresh 7-week high on
Chinese equities dip 1.24% on loans tightening
U.S. retail sales rise 0.3 percent in February
Wall Street trades flat on mixed economic data
Crude prices retreat after mixed data
Gold falls amid unexpected rise in U.S. retail