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The collapse of Enron and Worldcom was
supposed to teach both Wall Street and Main Street what
the consequences of moving bad things off the books would
lead to, the collapse of the firm. Yet, in the case of
Lehman Brothers, it seems that no one was paying attention.
Enron was known for moving an empty barge down
the river and counting it as two barges. They were also known
for moving losses off of the main books into limited partnerships
that operated as separate entities. In both cases there was plenty
of flim-flam involved. Yet, Lehman Brothers may take the cake
and make Enron look amateurish.
According to The Wall Street Journal: "A scathing report by a U.S. bankruptcy-court
examiner investigating the collapse of Lehman Brothers Holdings Inc. blames senior
executives and auditor Ernst & Young for serious lapses that led to the largest
bankruptcy in U.S. history and the worst financial crisis since the Great Depression.
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