Ernst & Young sued in New York for alleged Lehmans fraud December 21, 2010 NEW YORK prosecutors have sued accountant Ernst & Young for its involvement in Lehman Brothers’ collapse in 2008. In the first major government legal action stemming from Lehman Brothers Holdings Inc’s downfall, the suit accuses the accounting firm of helping to hide financial problems at the Wall Street bank. The civil fraud case seeks more [...]
US set to sue E&Y for Lehman audit December 20, 2010 NEW YORK prosecutors are said to be preparing to file a lawsuit against accountant Ernst & Young for its involvement in Lehman Brothers’ collapse in 2008. The civil case will reportedly charge Ernst & Young with helping Lehman Brothers to mislead investors during its time as the bank’s auditor, specifically homing in on the use [...]
500,000 households in negative equity December 12, 2010 CLOSE to half a million British households could be facing negative equity, according to survey released today by the Bank of England. Between four and five per cent of mortgage holders owe more than the value of their properties, it was revealed in the Bank’s final quarterly bulletin of this year. There are 11.4m mortgages in [...]
Scot free… No censure for Fred the Shred December 2, 2010 SHAMED banker Sir Fred Goodwin escaped censure for his role in the near-collapse of Royal Bank of Scotland (RBS) yesterday. After an 18-month investigation the Financial Services Authority (FSA) decided there was no fraud or dishonest activity by the former bank boss or his executives. It said a series of “bad decisions” were made, in [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 29, 2010 FINANCIAL TIMES BLUNDER REVEALS CARBON TRADING DATA Europe’s biggest clearing house, LCH.Clearnet, has admitted that “confidential information” about trading in carbon emission allowances, including the names of individual traders, was mistakenly published on the internet. Climate Markets, which provides marketing services for LCH.Clearnet, said the information was placed on its website in error and has [...]
FSA to keep its financial crime powers November 17, 2010 GEORGE Osborne has performed a U-turn over a landmark policy, which would have seen the FSA stripped of its power to prosecute financial crime and its oversight of companies listing on the stock exchange. The chancellor had previously said he would give the FSA’s prosecution powers to a new Economic Crime Agency (ECA), which is [...]
The housebuilder who is ready to take the long road back to recovery October 31, 2010 DESPITE the generally depressed state of the housebuilding and residential property market, Taylor Wimpey’s chief executive Peter Redfern says he is pretty pleased with business. But sitting in the boardroom of his London office, his mood appears more reflective than upbeat. “Prices are very stable at the moment,” says Redfern. “Stable is good for us. [...]
Rolet to speak out on regulation October 20, 2010 London Stock Exchange chief executive Xavier Rolet will appear next week before the Treasury select committee, to give evidence on its inquiry into financial regulation in the UK. Rolet has been vocal in his opposition to new proposals to split the regulation of the primary and secondary capital raising markets, under which the former will [...]
UKLA endorsed by City as consultation winds up October 18, 2010 THE UK Listing Authority (UKLA) received backing from the City yesterday, just as the government consultation on its future closed. The Listing Authority Advisory Committee (LAAC), the body which represents the investment community in its dealings with the UKLA, said overall satisfaction with the authority had risen to 72 per cent compared to 69 per [...]
Governance Code gains support October 18, 2010 Sixty-eight institutions have published statements of support for the new UK Corporate Stewardship Code, including 48 asset managers, 12 asset owners and eight service providers. “A critical mass of investors is coming through and this is a very important first step,” said Financial Reporting Council chairman, Baroness Hogg. The Stewardship Code is being introduced to [...]