As time ticked down for Lehman Brothers Holdings Inc., the embattled investment bank expanded its use of an accounting trick to mask the extent of its borrowing. Its auditor, Ernst & Young LLP, raised no red flags.
Now, the giant accounting firm could face civil fraud charges as early as this week, alleging that it helped Lehman hide the truth from investors ahead of the bank’s catastrophic downfall in September, 2008.
Now, the giant accounting firm could face civil fraud charges as early as this week, alleging that it helped Lehman hide the truth from investors ahead of the bank’s catastrophic downfall in September, 2008.