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Write a 2 pages paper on this scandal .what ,where, How ,who, why as much detail
Company: Global financial services firm.What happened: Hid over $50 billion in loans disguised as sales.Main players: Lehman executives and the company’s auditors, Ernst & Young.How they did it: Allegedly sold toxic assets to Cayman Island banks with the understanding that they would be bought back eventually. Created the impression Lehman had $50 billion more cash and $50 billion less in toxic assets than it really did.How they got caught: Went bankrupt.Penalties: Forced into the largest bankruptcy in U.S. history. SEC didn’t prosecute due to lack of evidence.Fun fact: In 2007 Lehman Brothers was ranked the #1 “Most Admired Securities Firm” by Fortune Magazine.
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