BusinessBusiness RecoveryLehman’s whistleblower booted out after red-flagging loans

Lehman's whistleblower booted out after red-flagging loans

Matthew Lee lost his job weeks after highlighting accounting practices to senior execs

A Lehman’s staffer was axed from his job a month after raising the alarm to
his bosses regarding the collapsed investment bank’s accounting for $50bn of
risky loans.

On 16 May 2008 Matthew Lee, a senior vice president in the bank’s accounting
division told executives investors and regulators would be unaware of the Repo
105 transactions in Lehman’s quarterly figures.

However by the end of June, Lee a 14-year Lehman’s veteran had been sacked,
The
Wall Street Journal
reported.

Lee provided evidence included in the
hard-hitting
report
published last week into the collapse of the bank.

Further reading:

Lehman
CFOs were warned of “reputational risk” of transactions

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