Who caused the collapse?
March 12, 2010 | federal legislation, industry | Comments (0)From CNNMoney:
Failings by Lehman Brothers executives and its auditor led to the bank collapse that unleashed the worst of the financial crisis, according to a report by court-appointed investigator.
Lehman “repeatedly exceeded its own internal risk limits and controls,” and a wide range of bad calls by its management led to the bank’s failure, the report says.
The conduct of Lehman executives “ranged from serious but non-culpable errors of business judgment to actionable balance sheet manipulation,” examiner Anton Valukas wrote in the report.
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