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.
May 19, 1990 |
Shearson Lehman Hutton, charting a new course after bruising losses and management turmoil, is expected soon to create separate units for its principal businesses of investment banking and retail brokerage. The investment firm, a unit of American Express, may give the new retail brokerage division the Shearson name, people close to the firm said Friday. The new investment banking division may be called Lehman Bros., after the respected investment house acquired by Shearson in 1984.
March 17, 2010 |
The bankruptcy of Lehman Bros. in September 2008 is widely seen as the event that kicked the financial meltdown into high gear. So it makes sense that the report released last week by Lehman's bankruptcy examiner should stand as the one indispensable analysis of how Wall Street almost brought the U.S. economy crashing down. The uncompromising report should put to rest the self-serving claims by Lehman's ex-Chairman Richard S. Fuld that the firm was destroyed by rumors, short selling, stock manipulation and an unwarranted loss of confidence by clients and trading partners.