Lehman report blames top executives

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FT.com / Companies / Banks - Lehman report blames top executives.

A one-year probe into the collapse of Lehman Brothers found “credible evidence” that top executives, including the former chief Dick Fuld, approved misleading financial statements and used an “accounting gimmick” to flatter results.

The long-awaited report by the court-appointed examiner Anton Valukas also said that there was enough evidence to claim that Ernst & Young, Lehman’s auditors, failed to “question and challenge improper or inadequate disclosures” in the firm’s results.

Now why aren't I surprised?

Did anyone really think people did not know what they were doing? And that they turned a blind eye whilst their own coffers over-flowed.

This was grand corruption.

It wasn't just in Lehman either.

Let's say it.

And let's say that restoring the system will perpetuate that corruption. Because it will.