City firms targeted in damning Lehman’s report
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Law firm Linklaters and accountancy giant Ernst & Young have been criticised after a US report accused them of helping Lehman Brothers hide billions of debt before its collapse, according to reports.
The report commissioned by the US bankruptcy courts into the failure of Lehman Brothers said E&Y failed to act over accounting methods with allowed the bank to remove about £33bn of troubled assets from its balance sheets.
It also reveals Linklaters approved the transactions after the bank was unable to find any US lawyers to do so.
Both parties have dismissed suggestions they helped disguise Lehman’s debt pile and deny any wrong-doing.
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Readers' comments (1)
Anonymous | 15 Mar 2010 5:19 pm
When the FSA makes the mistake of turning on fellow members of the Illuminati then you know they are in trouble. You see in the past the FSA hit only the week and defenceless i.e. the IFA who could not hit back. Now they are threatening members of their own club. Sooner or later they can expect a good kicking in return.
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