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Lehman Doctored Financial Statements? JPM, Citi Aided Collapse?

Lehman Doctored Financial Statements? JPM, Citi Aided Collapse?

March 12 (Bloomberg) -- Brad Hintz, an analyst at Sanford C. Bernstein & Co., talks with Bloomberg's Erik Schatzker about a report on the failure of Lehman Brothers Holdings Inc., which concluded the company used off-balance-sheet transactions to understate its leverage in late 2007 and 2008, deceiving shareholders about its ability to withstand losses. Then-Chief Executive Officer Richard Fuld was at least grossly negligent for letting Lehman file financial reports in which a key gauge of strength was reverse-engineered through transactions known as Repo 105s, bankruptcy examiner Anton Valukas said in the report. Hintz is a former Lehman chief financial officer.

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