Lehman Brothers, the bank which collapsed in September 2008 and sparked global economic meltdown, could face legal action over accounting “gimmicks” revealed in a recent report.
Lehman Brothers, the bank which collapsed in September 2008 and sparked global economic meltdown, could face legal action over accounting "gimmicks" revealed in a recent report. "A court-appointed US bankruptcy examiner has concluded that there are grounds for legal claims against top Lehman Brothers bosses and auditor Ernst & Young for signing off misleading accounting statements in the run-up to the collapse of the Wall Street bank in 2008 which sparked the worst financial crisis since the Great Depression. A judge last night unsealed a 2,200-page forensic report by expert Anton Valukis into Lehman's collapse which includes scathing criticism of accounting ‘gimmicks’ used by the failing bank to buy itself time. These included a contentious technique known as ‘repo 105’ which temporarily boosted the bank's balance sheet by as much as $50bn (£33bn). The exhaustive account reveals that Barclays, which bought Lehman's US businesses out of bankruptcy, got certain equipment and assets it was not entitled to. And it reveals that during Lehman's final few hours, chief executive Dick Fuld tried to get Gordon Brown involved to over-rule Britain's Financial Services Authority when it refused to fast-track a rescue by Barclays."
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A NASA astronomer explains how astronauts dispose of their, uh, dark matter.
- When nature calls in micro-gravity, astronauts must answer. Space agencies have developed suction-based toilets – with a camera built in to ensure all the waste is contained before "flushing".
- Yes, there have been floaters in space. The early days of space exploration were a learning curve!
- Amazingly, you don't need gravity to digest food. Peristalsis, the process by which your throat and intestines squeeze themselves, actually moves food and water through your digestive system without gravity at all.
The Harvard psychologist loves reading authors' rules for writing. Here are his own.
- Steven Pinker is many things: linguist, psychologist, optimist, Harvard professor, and author.
- When it comes to writing, he's a student and a teacher.
- Here's are his 13 rules for writing better, more simply, and more clearly.
A growing body of research shows promising signs that the keto diet might be able to improve mental health.
- The keto diet is known to be an effective tool for weight loss, however its effects on mental health remain largely unclear.
- Recent studies suggests that the keto diet might be an effective tool for treating depression, and clearing up so-called "brain fog," though scientists caution more research is necessary before it can be recommended as a treatment.
- Any experiments with the keto diet are best done in conjunction with a doctor, considering some people face problems when transitioning to the low-carb diet.
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