http://finance.yahoo.com/tech-ticker/in-defense-of-lehman-brothers-what-a-difference-a-week-makes-444445.html?tickers=XLF,FAZ,BAC,C,JPM,MS,GS
I know nothing lol, Does that really wash in todays tech world?
Last Friday, Lehman Brothers' bankruptcy examiner Anton Valukas issued a scathing report that seemed to all-but indict former executives of the firm, as well as its auditor, Ernst & Young. Executives used "materially misleading" accounting gimmicks and former CEO Richard Fuld was "at least grossly negligent in causing Lehman Brothers to file misleading periodic reports," the examiner concluded.
Immediately, the financial media and the blogosphere lit up with stories about the appearance of a $50 billion fraud perpetrated at the failed investment bank. Even those reports were "understating the seriousness of the deception Lehman's executives employed in an effort to fool investors and creditors about the health of their investment bank," declared The Business Insider's John Carney.
What a difference a week makes.
As FT Alphaville reporter Stacy-Marie Ishmael details, "the contrarian camp has come out in defense of Lehman Brothers" with astonishing speed:
-- The NY Post reports Fuld expressed a "sense of vindication" after reviewing Valukas' report. The former CEO "privately believes that the report...provides proof that he did nothing illegal," according to the tabloid. (Even if that were true, you'd think Fuld's attorneys would counsel him to keep quiet.)
-- Fuld's lawyer is apparently planning to use the "Schultz defense", with a modern twist: "A footnote in the report states that Mr. Fuld's lawyer informed the examiner that he did not use a computer and only accessed e-mails on his Blackberry but could not open up attachments, including one that went into the Repo 105 deals in March 2008," The NY Times reports.
