The U.S. Department Lehman Brothers, the German bank had asked for help. Source: AP
HB NEW YORK. On 15 September 2008, the collapsed U.S. bank Lehman Brothers and dissolved so that a shock wave from the international financial markets. 2 200 pages of the investigation report on the Lehman insolvency strong. Where: Shortly before their fateful bankruptcy has The U.S. investment bank Lehman Brothers for help also to the German bank appealed. The German bank was not even willing have to talk about a possible transaction.
The German bank is on a long list of Banks and financial investors, in which Lehman Brothers had knocked the months before the bankruptcy. The U.S. investment bank this was a life-saving merger, acquisition or at least a Participation explore. But all seemed to be spoken to risky. A spokesman for German bank wanted the information on Not comment on the weekend.
All in all, the U.S. investment bank, according to research report more than 30 potential partners and donors from around the world – received from the Swiss UBS to the legendary U.S. investor Warren Buffett. Even had the direct rival Morgan Stanley Lehman CEO Richard Fuld contacted. Some of the Addressed such as Japan’s Nomura and Barclays, the British Bank availed themselves later from the bankruptcy estate.
Lehman Brothers had, like many other financial companies constructed complex mortgage securities speculation. Even Months before the collapse of the investment bank was on shaky Legs. With accounting tricks, they also masked their gloom. About so-called "repo 105" transactions they prettified their balance sheets in each case shortly before important dates on and presented himself to outwardly as a healthy company, as the investigation report revealed.
The German bank was presented on late Thursday Report by special prosecutor Anton Valukas According to the partners these transactions. It is unclear whether the Frankfurt have noticed something about the number of cosmetics at Lehman Brothers could.
Repurchase agreements are in themselves in the financial world alive and well. In another, a bank borrows short-term money and earns In return, assets left. Lehman Brothers made certain Repo transactions in the books as durable sales look like.
The demise of Lehman Brothers is a highlight of the financial crisis. From that date, the banks lost all confidence another, the cash flow dried up. A chain reaction in the Financial world began. Only the massive intervention by governments held the makeshift markets going. The bill charged the citizens until today.
The result of more than a year of research, lawyer Valukas not only throws a bad light on the then Bank management, but also to the auditors from Ernst & Young. You accuses the investigators that she knew about the accounting tricks, but Nothing would have made. Even internally had doubts about the practice arisen. Bank boss Fuld himself vehemently denies, of "Repo 105" have known something about.
In its report, together with his staff sifted Valukas several million documents and conducted more than 100 interviews, including others, the current Treasury Secretary Timothy Geithner and Fed chief Ben Bernanke. The investigation has no direct Consequences. It should rather as a basis for upcoming Lehman bankruptcy court to serve. Tens of thousands Injured – including German retail investors – still waiting for her Money.
Tags: merger acquisition, bankruptcy estate, international financial markets, lehman brothers, shaky legs
