WASHINGTON – A former executive at Lehman Brothers said Tuesday that he was suddenly fired in 2008 after raising concerns about the now-bankrupt firm’s accounting practices, including “Repo 105” transactions.
Matthew Lee, a former senior vice president who had been at the firm for 14 years, said his peers shared his concerns about Lehman’s accounting but said management did not respond.
“On multiple occasions, I attempted to bring these issues to the attention of Lehman Brothers’ executive management, and on one occasion to the attention of Lehman’s outside auditors. Within days of first raising issues, I was terminated,” Lee said in testimony prepared for delivery before the House Financial Services Committee.
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Last month a court-appointed examiner said the firm used a technique known as “Repo 105” to temporarily remove some assets from Lehman’s books, obscuring its full financial picture.
Crooks
I hope beyond hope that the Dems have been emboldened enough to grow a set of balls where they can now proceed vigorously with the Hearings and dig up the real sleaze that goes on on a daily basis inside the Street. I don’t think it takes a fucking rocket scientist to figure out that the whole goddamned system is rife with corruption that smells to high heaven, and that the hard-working, regular folks of this country are fed up with being continually and royally fucked over—-while the CEO’s, the big banksters and brokers live like kings. Dig deep enough and the Enron fiasco will look like a tea party! Heh.
Dandy, your analysis is correct, but your wishes are overly optimistic. The financial services industry owns both major parties, which is why it was able to become so corrupt. The Dems won’t change that.
The Dems will put on a good show and hope it’s enough to fool the people long enough to get most of them re-elected in the coming elections.
But I don’t expect much from them anymore. Bought and beholden. Terrified their Wall Street Bankster suger daddies will turn them out and completely engage with the Repubs.
Only thing really helping the Dems is that the so many of the Repubs are batshit crazy.