“Dick Fuld is going to be bankrupted and he’s going to spend the rest of his life in court fighting legal battles. There maybe others forced to do the same.”
–Dick Bove of Rochedale Securities. Bove had all nine volumes of the examiner’s report printed and bound. (Barrons)
As it turned out, Lehman Brothers was the firm that deserve to die. The author of the book The Murder of Lehman Brothers asked me to do for a review of it — I politely declined, saying his title was wrong — it wasn’t murder, it was suicide.
Turns out that was more true than I realized.
In addition to tarnishing what little name Fuld had, the tentacles of the Valukas Report are reaching to the NY Fed and Geithner, Ernst & Young, even Linklaters, a law firm in the UK that blessed Repo 105 for the British subsidiary of LEH as kosher.
As you can see by the headlines below, the breadth of Lehman stories is rather substantial. If you want to delve deeper, these are as good a place to start digging:
• Lehman Brothers Holdings Inc. Chapter 11 Proceedings Examiner’s Report (Jenner & Block)
• Repos Played a Key Role in Lehman’s Demise (WSJ)
• Video: Former 1999 Lehman CFO Brad Hintz on the off-balance-sheet transactions of Lehman Bros (Bloomberg)
• No, JPM and Citi Did Not Cause Lehman’s Collapse. (TBP)
• This just in: short-sellers had nothing to do with the collapse of Lehman Brothers. (Jeff Matthews)
• Financial Crisis May Reach Auditors (WSJ)
• NY Fed Under Geithner Implicated in Lehman Accounting Fraud Allegation (naked capitalism)
• Insider Warned About Lehman Accounting (WSJ)
• The “Repo 105” Scam: How Lehman Fooled Everyone (Including Allegedly Dick Fuld) And How Other Banks Are Likely Doing This Right Now (Zero Hedge)
• Why It Doesn’t Matter If Lehman Round-Trip Sales Technically Complied With Accounting Rules (Business Insider)
• Lehman Failed Its Stress Tests on at Least Three Occasions (Daily Finance)
• Lehman was a poorly-managed bank that operated an irresponsible business model (FT)
• Lehman’s Ghost Haunts California (WSJ)
• In Lehman’s Demise, Some Shades of Enron (Dealbook)
• Linklaters, Ernst & Young face action over Lehman Brothers collapse (Times Online)
• The Devil’s Casino: “Lehman was a culture of lies” (book/video)
• Video: Lehman Brothers, the Next Enron? (MSNBC)
• Findings on Lehman Take Even Experts by Surprise (NYT)
Feel free to throw any other Lehman articles, analysis or commentary worth mentioning into comments.