Calls for report to become public
(25 March 2010 – USA) Anton Valukas, the examiner appointed by the US Bankruptcy Court to investigate the Lehman Brothers collapse, wants the evidence behind his 2,200 page report into the failing of the banking giant to become public so the investment bank’s creditors can bring legal action.
The report revealed that Lehman Brothers moved US$50 billion (A$54 billion) off its balance sheet, through clever accounting, in time for it quarterly results, it also revealed the auction of the bank’s derivatives book that resulted in a US$1.2 billion loss for the bank.
CME Group, the world’s biggest futures and options exchange, which conducted the US$2 billion auction, provided evidence to Mr Valukas for his report but has asked that the identity of the six bidders be redacted before it is made public. Mr Valukas found no evidence of wrongdoing by CME.
Mr Valukas lawyers, said in a court filing, that the public have a right to know who the bidders were considering the outcome was a ‘highly favourable gain’.
Barclays Bank and the Office of Thift Supervision have also raised informal complaints about some information that Mr Valukas planned to reveal.
CME Group, the world’s biggest futures and options exchange, which conducted the US$2 billion auction, provided evidence to Mr Valukas for his report but has asked that the identity of the six bidders be redacted before it is made public. Mr Valukas found no evidence of wrongdoing by CME.
Mr Valukas lawyers, said in a court filing, that the public have a right to know who the bidders were considering the outcome was a ‘highly favourable gain’.
Barclays Bank and the Office of Thift Supervision have also raised informal complaints about some information that Mr Valukas planned to reveal.
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