Showing posts with label Citi. Show all posts
Showing posts with label Citi. Show all posts

Monday, March 15, 2010

Lehman Doctored Financial Statements? JPM, Citi Aided Collapse?

Lehman Doctored Financial Statements? JPM, Citi Aided Collapse?

March 12 (Bloomberg) -- Brad Hintz, an analyst at Sanford C. Bernstein & Co., talks with Bloomberg's Erik Schatzker about a report on the failure of Lehman Brothers Holdings Inc., which concluded the company used off-balance-sheet transactions to understate its leverage in late 2007 and 2008, deceiving shareholders about its ability to withstand losses. Then-Chief Executive Officer Richard 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, bankruptcy examiner Anton Valukas said in the report. Hintz is a former Lehman chief financial officer.

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