September 19, 2013 |
NEW YORK - Five years after Lehman Bros.' implosion, USC wants to make sure its newly minted accountants won't help blow up the world economy. Required courses at the university's Marshall School of Business now include accounting ethics. Another new course on accounting rules aims to help future auditors keep land mines, such as toxic investments linked to subprime mortgages, from exploding. The hope is that future auditors will protect society from market meltdowns like the one in 2008, not just act as dutiful Wall Street bookkeepers.
September 19, 2001 |
Lehman Bros. Holdings Inc., driven from its quarters across the street from the World Trade Center, is taking over the Sheraton Manhattan Hotel. The securities firm booked 650 rooms in the Starwood Hotels & Resorts Worldwide Inc. property at 52nd Street and 7th Avenue to give its investment bankers, led by Bradley Jack, a place to work. The firm won't provide the new guests in the $199-a-night rooms keys to the minibar or access to pay-per-view movies.
September 11, 2008 |
Amid mounting worries about its viability, Lehman Bros. Holdings Inc. said it would unload a chunk of troubled assets, sell a majority stake in its money-management unit and slash its dividend 93%. The investment bank announced the moves as it reported a $3.9-billion fiscal third-quarter loss -- far bigger than its $2.8-billion second-quarter hit. The loss came after the Wall Street firm wrote down the assets on its books by $7.8 billion....
April 20, 2010 |
Lehman Brothers Holdings Inc., which filed the biggest bankruptcy in U.S. history, violated its own risk-management rules with the knowledge of the U.S. Securities and Exchange Commission, a bankruptcy examiner said Monday. "We found that the SEC was aware of these excesses and simply acquiesced," Anton Valukas, the Lehman examiner, said in testimony to be presented in Washington tomorrow on policy issues arising from his 2,200-page report on Lehman‘s downfall. Valukas is scheduled to testify before the House Committee on Financial Services.
February 9, 2011 |
The nation's largest public pension fund accused Lehman Bros. Holdings Inc., its former top executives and numerous bond underwriters of fraud and making materially false statements about losses from mortgage-backed securities during the financial crisis of 2007 and 2008. The claims are part of a lawsuit that the California Public Employees' Retirement System, which oversees a pension fund now valued at $229 billion, filed late Monday in U.S. District Court in San Francisco. While the lawsuit did not specify damages, it noted that CalPERS owned 3.9 million shares of Lehman common stock and about $700 million worth of Lehman bonds at the time that Lehman filed for bankruptcy protection in September 2008.
October 11, 2008 |
As Wall Street yo-yoed through another day of breathless ups and downs, a pall of dejection and despair hung over the august New York Stock Exchange, the epicenter of the country's economic malaise. Harried traders frantically tried to recover from a week of spiraling losses, emerging grim-faced outside the exchange's imposing marble facade to puff on cigarettes. The sense of powerlessness was palpable. "It's hell -- what do you think?"
March 17, 1999 |
The U.S. Securities and Exchange Commission may bar companies from disclosing market-moving information to securities analysts before releasing it to the general public, SEC officials said Tuesday. "Our goal is to figure out a way to level the playing field," SEC corporation finance director Brian Lane said in an interview.
April 19, 2008 |
Stocks powered ahead Friday, lifting the Dow index to a three-month high on growing optimism that the worst of the credit crisis is past. A $5.1-billion quarterly loss by Citigroup Inc. provided the unusual spark for a "relief" rally -- relief that the news from the world's biggest bank wasn't even worse and that it appeared to be addressing its problems aggressively. Citigroup said it had written down $12 billion of bad investments, half of it mortgage-related, and would cut 9,000 more jobs.
June 13, 2008 |
For the last six months, Erin Callan was the public face of Lehman Bros. Holdings Inc., making frequent TV appearances to defend the firm against critics who said it was in financial trouble. On Thursday, Callan was the one in trouble, removed as finance chief three days after Lehman disclosed huge losses stemming from the sub-prime mortgage crisis. Lehman also dumped longtime executive Joseph Gregory as president and chief operating officer.