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Quote from source:The 2,200-page report which uncovered the murky world of Repo 105 and off-balance sheet accounting at Lehman Brothers has led to a formal investigation by the Securities and Exchange Commission (SEC) into the investment bank's collapse.
Mary Schapiro, the financial regulator's chairman, disclosed for the first time it is looking into the accounting techniques used by the bank, techniques former chairman Dick Fuld yesterday denied any knowledge of at the time.
Ms Schapiro, who took over the running of the SEC in January last year, four months after Lehman's collapse, said there are questions to be asked about financial disclosures by the bank and its senior management team as a result of Anton Valukas's report into the demise of Lehman: "We're also looking very much at the truthfulness of the disclosure that was in the public documents," she said, during a Congressional hearing on the bank's final days.
"Although each firm is fully responsible for providing accurate information to its regulators, in certain instances it appears there was insufficient follow-up on issues that should have raised potential concerns," she said.