Rival banks cited in Lehman case

JP Morgan Chase and Citigroup helped cause the illiquidity that led to the collapse of Lehman Brothers by making new demands for collateral, the failed US investment bank, a court-appointed examiner said. In a 2,200-page report, which was made public yesterday, examiner Anton Valukas, chairman of law firm Jenner & Block, said Lehman used accounting gimmicks and had been insolvent for weeks before it filed for bankruptcy in September 2008, however he did not find extensive wrongdoing.