View more on these topics

City firms targeted in damning Lehman’s report

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.      

Recommended

State banks fail to pass on low rates

Some of the state-backed banks are not passing competitive mortgage rates to borrowers despite being given billions of pounds from taxpayers, according to figures from Moneyfacts.co.uk. It claims the state banks are placing higher priority on getting out of Government ownership than passing competitive rates to borrowers. RBS offered the most competitive rates of those […]

Adviser Fund Index

Investors hoping to determine the strength of the US recovery have received mixed messages recently. The Federal Reserve’s decision to raise its discount rate by 25 basis points on February 18 prompted fears of tighter monetary policy. However, a downbeat assessment of the economy from Ben Bernanke, the Central Bank’s chairman, forecast inflation would remain […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. 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.

Leave a comment