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If you’ve missed this breaking story of Enron-like proportions, here’s a summary: The bankruptcy examiner report on Lehman says their then-CEO Dick Fuld was “at least grossly negligent” and that their auditor Ernst & Young could be accused of “professional malpractice.” They were cooking their books with fraudulent transactions worth $50 billion. Tim Geithner, [...] Visit msnbc.com for breaking news, world news, and news about the economy Dylan Ratigan offered one of the best explanations we’ve seen of the Repo 105 practice on yesterday’s show. He concludes by noting that the report “stops just short [...] We may actually see some banksters go to prison on the apparent massive Lehman fraud as detailed in the 2000 page report by the bankruptcy examiner. Not only does the report say then-CEO Dick Fuld was “at least grossly negligent,” it says their auditor Ernst & Young could be accused of “professional malpractice.” Then [...] Here’s the background on this escalating story of greed, lying, and cover-ups. The bankruptcy examiner for the Lehman Brothers bankruptcy says then-CEO Dick Fuld “was “at least grossly negligent” for letting Lehman file financial reports in which a key gauge of strength was ‘reverse-engineered’ through transactions known as Repo 105s” Further “Lehman auditor Ernst [...] Businessweek Lehman: One big derivatives mess Enron may look tame compared with this: a fight over billions of dollars posted as collateral, then used in a tangled web of deals Lehman used incoming money from deals as collateral in other deals. Which is legal, but they were way over-extended. Now it’s blown up, [...] |  | ||||
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