SEC looking at Lehman accounting for real estate
Watchdog focus switches to fresh accounting concern
Reports have emerged that the chief US financial watchdog is investigating
the accounting for its property portfolio.
Street Journal story suggests that investigators from the Securities and
Exchange Commission have focused their efforts on whether the failed bank
properly marked down the value of the real estate acquired when it took over
The WSJ says that former Lehman finance chief Ian Lowitt has hired top
Other accounting policies at Lehman include the now notorious Repo 105 scheme
used to raise short term capital.