Saturday, April 24, 2010
"Lehman Brothers Holdings Inc. ousted a whistle-blower just weeks after he raised red flags about the securities firm's accounting in 2008. Matthew Lee, a 14-year Lehman veteran, was let go in late June 2008 amid steep losses at the firm as it tried to maneuver through the global financial crisis. Earlier that month, he had raised concerns with Lehman's auditor, Ernst & Young, that the securities firm was temporarily moving $50 billion is assets off its balance sheet. ... Erwin Shutak, Mr. Lee's lawyer in San Diego, asserts that 'it was easier to just shut him up and let him go'," Michael Corkery at the WSJ, 16 March 2010, link:
Sure it was. Where was E&Y hiding when this went on? Don't you know Lehman's firing Lee discredited him? Sure. Ask E&Y. ML's firing could be an overt act to support a RICO claim against Lehman and E&Y if some attorney wanted to pursue it. It could be an early act in a fraud scheme. Aren't you impressed with how effective Sarbox was in protecting ML?