Via Shahien Nasiripour at HuffPo:
The examiner in charge of investigating the bankruptcy of venerable Wall Street investment house Lehman Brothers, the most expensive bankruptcy in U.S. history, said in a report publicly released Thursday that senior officials failed to disclose key practices, opening them up to legal claims, and that JPMorgan Chase and Citigroup contributed to the firm’s collapse. In addition, the report concludes that the firm’s auditor, Ernst & Young, failed to meet “professional standards.”
The exhaustive report was unsealed today by Judge James M. Peck, who said the report reads “like a best-seller.”
As for my boldface emphasis: it’s the collapse of the credit bubble in miniature: failure to disclose is failure to meet, and only the movie rights will see any profit because no one was asking questions.
