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Cuomo Sues Ernst & Young
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The New York Attorney General Andrew Cuomo filed a civil fraud lawsuit against Ernst & Young LLP. Cuomo wrote in the complaint that "Ernst & Young substantially assisted Lehman Brothers, now bankrupt, to engage in a massive accounting fraud." The suit says Ernst & Young ignored warnigs from Lehman employees and from its own staff about the improper transactions. Lehman shifted $50 billion in assets off its balance sheet to foreign banks at critical financial reporting periods with a promise to buy back the securities at a premium price a few days later. With the cash held in the meantime, Lehman would pay down other debts, appearing to have less debt and give investors a better impression about the firm's financial condition than was really the case. Lehman and Bear Stearns were the most highly leveraged investment banks during the financial crisis of 2008. The unraveling of Lehman led to cracks in the world financial system because of interrelationships in the banking system. By taking this action the New York Attorney General's office is taking an important step to prevent the recurrence of such systemic crises from buildup of excessive leverage in the financial system.
Lehman Brothers and the improper accounting that misled investors and led to its collapse.
03/18/2008
The use of Repo 105 transactions which concealed loans as sales of securities and moved them off the bank's balance sheet. About $50 billion was moved off the balance sheet in this way in 2007 and 2008. The practice started in 2001 and was accepted by its auditor Ernst & Young. The New York Attorney General is investigating Lehman and Ernst & Young.
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Federal Agencies' Responses on Enforcement Actions
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Ernst & Young
12/21/2010
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Role of Auditors in Crisis Gets Look
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Role of Auditors in Crisis Gets Look
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Financial Crisis Was Avoidable, Inquiry Concludes
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In Financial Crisis, No Prosecutions of Top Figures
New York Times 04/14/2011
Federal Agencies' Responses on Enforcement Actions
New York Times 04/14/2011
Red Flags on NovaStarâs Mortgages Were Unheeded
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Governor Andrew Cuomo of New York
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The former attorney general of New York, and now Governor of the state. Cuomo was faced with the financial crisis of 2008-2009, and now faces the difficult job of sorting out the state's finances.
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At Funeral for Mario Cuomo, Praise for a Leader’s Role as a Humanist
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Andrew Cuomo Puts Bigger Challenges on His 2nd-Term Agenda
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