Lehman Brothers: We Let Them Get Away With It
“60 Minutes” digs into the collapse of Lehman Brothers, and more specifically the government’s decision not to prosecute the managers of the failed investment bank or its accounting firm. — PZS
Introduction from CBS News:
On September 15, 2008, Lehman Brothers, the fourth largest investment bank in the world, declared bankruptcy — sparking chaos in the financial markets and nearly bringing down the global economy. It was the largest bankruptcy in history — larger than General Motors, Washington Mutual, Enron and Worldcom combined. The federal bankruptcy court appointed Anton Valukas, a prominent Chicago lawyer and former United States attorney, to conduct an investigation to determine what happened.
Included in the nine-volume, 2,200-page report was the finding that there was enough evidence for a prosecutor to bring a case against top Lehman officials and one of the nation’s top accounting firms for misleading government regulators and investors. That was two years ago and there have been no prosecutions. Anton Valukas has never given an interview about his report until now.