Late yesterday, U.S. Bankruptcy Examiner Anton Valukus released a 2,200 page report that details the collapse of Lehman Brothers. It points the finger at Lehman execs for engaging in shady accounting that Ernst & Young knew about and was comfortable with. Lehman's Board of Directors were not informed of the questionable accounting treatment.
To put it in more technical terms: Ernst & Young is in deep shit. The lead partner on the Lehman audit team was interviewed more times than Dick Fuld for crissakes.
REST AT http://goingconcern.com/2010/03/ernst-young-was-comfortable-with-lehmans-shady-accounting/
E&Y might not be the only ones who have some 'splainin' to do: http://www.jrdeputyaccountant.com/2010/03/did-pwc-keep-ernst-youngs-lehman.html
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