Lehman Brothers ex-CEO Richard Flud told Congress he has “no recollection“ of hearing anything about how the now-bankrupt Wall Street investment bank used controversial accounting techniques to hide toxic assets from the balance sheet. Former Fed bank examiner Mark Williams, who teaches finance at the School of Management and just had a book published on the fall of Lehman (“Uncontrolled Risk“), says instead of “blaming and shaming” another fallen CEO these Congressional hearings should be used to flush out more relevant facts that can help shape regulatory reform.
“A more comprehensive approach can make this hearing a chance to expose the weakness in existing banking regulation and oversight. The stakes are too high to squander this opportunity.”
Contact Mark Williams, 617-358-2789, firstname.lastname@example.org