Andrew Cuomo cites 'massive accounting fraud' in Lehman Bros. dealings
(NEWSER) - Andrew Cuomo filed a civil fraud lawsuit against Ernst & Young today, following reports that the company allegedly helped Lehman Brothers mislead investors . According to the complaint, the accounting firm approved Lehman’s use of “Repo 105” transactions, a type of debt that was labeled as sales to reduce the appearance of risk to investors, and stood idly by while Lehman misled investors and analysts on conference calls, reports the Wall Street Journal . More»
