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