But it was Lehman’s accounting practices that probably drew the - TopicsExpress

But it was Lehman’s accounting practices that probably drew the most attention. In his report on Lehman’s failure, a rebuke that spanned more than 2,200 pages, Mr. Valukas, the bankruptcy-court examiner, outlined accounting maneuvers that he called “balance sheet manipulation.” The practice allowed Lehman to transfer securities off its balance sheet, presenting them as collateral to an outside lender, which in turn offered Lehman a short-term loan. Lehman treated the transactions as sales rather than as debt, which meant the firm looked as if it had less debt than it actually did. “Unable to find a United States law firm” to approve the maneuver, Mr. Valukas said, Lehman hired a law firm in London to bless it. One Lehman executive, in an e-mail to a colleague, declared that the practice was “another drug” they were on.NYT>

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