Lehman's Fishy Accounting: Have We Learned Anything?
Wade Slome submits:
The truth may set you free, or it may just send you to jail. Right now, Anton Valukas’s high profile 2,200 page report has unearthed a reeking stench surrounding a $50 billion fund shuffling scheme. Our legal system will ultimately determine the fate of Dick Fuld, former CEO of Lehman Brothers (LEHMQ.PK), and any potential co-conspirators. Anton Valukas, appointed by the U.S. bankruptcy court to get to the root causes of largest bankruptcy in history of the 158 year old investment banking institution, spearheaded the year-long investigation. While most observers have not shed a tear over the grilling of Fuld in the media, onlookers shouldn’t feel sorry for Valukas either. His firm, Jenner & Blocker, was paid $38 million for its troubles in researching the report through January of this year. Completing the report was a Herculean task. Finishing the report involved narrowing down 350 billion pages of documents (spread across 2,600 systems) down to about 40 million pages, which were supplemented by interviews with more than 250 individuals, according to The Financial Times.Complete Story »