For our purposes, the highlight of the 2,200-page (with appendices) report released Thursday that examines the demise of Lehman Brothers starts at around page 700, when the examiner, Jenner & Block chair Anton Valukas, delves into the accounting tricks Lehman used to temporarily shift $50 billion in bad assets off of its balance sheet.
This detail jumps out at us because the report names Linklaters as the only firm Lehman could find to bless the transactions in the way Lehman wanted, according to our reading of the report. (The New York Times offers a similar analysis.)
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