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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. |
