SEC won't take action against Lehman Brothers(Read article summary)
The SEC will likely not seek action against the Lehman for the events that led up to the firm's massive bankruptcy in 2008.
Looks like Lehman's former execs are in the clear...
U.S. Securities and Exchange Commission investigators have concluded their probe of possible financial fraud at Lehman Brothers Holdings Inc. and determined that they will probably not recommend any enforcement action against the firm or its former executives, according to an excerpt of an internal agency memo.
The agency has been grappling with the case for more than three years amid questions from lawmakers and investors as to whether Lehman misrepresented its financial health before filing the biggest bankruptcy in U.S. history in September 2008.
Under a heading reading “Activity in the Last Four Weeks,” the undated document reads, “The staff has concluded its investigation and determined that charges will likely not be recommended.”
Why not? No harm, no foul. Everyone hides tens of billions in losses these days, whatever!