SEC Getting Closer To Going After Erin Callan, Dick Fuld, And Other Lehman Execs

Erin Callan

Photo: goingconcern.com

Nine hundred years after Lehman collapsed, the SEC is finally getting closer to going after a bunch of executives, including Dick Fuld, ex-CFO Erin Callan, Ian Lowitt (ex-CFO), and others, Kara Scannell and Carrick Mollenkamp of the WSJ report.Not surprisingly, investigators are focusing on the infamous “Repo 105” accounting gimmick that many banks, not just Lehman, used to make themselves look less leveraged than they actually were.

The SEC’s investigation still has a while to go. The US Attorney is also investigating the firm.

Lehman execs will soon have spent $55 million of insurers’ money defending themselves (and they’ll likely need a lot more before this thing is through).

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.