BUSINESS

Lehman Brothers Exploited Fault in Global Accounting System to Hide Millions

05/17/2010 05:12 am ET | Updated May 25, 2011

The Lehman case shows, for one thing, how bankers exploited weaknesses in United States accounting standards -- seemingly without objection from the firm's auditor, Ernst & Young. Although the transactions concerned came under British law, they were reported under generally accepted accounting principles in the United States.

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