Lehman Brothers

US prosecutors are poised to file civil fraud charges against Ernst & Young for its alleged role in the collapse of Lehman Brothers, saying the accounting firm stood by while the investment bank misled investors about its financial health, according Full Article

With less than six months to go before the nation moves towards a globally-recognised accounting system, the government plans to dilute some key provisions relating to foreign exchange differences and overseas borrowings which will make global invest Full Article

The world's four biggest accounting firms are to appoint non-executive directors after coming under growing pressure from regulators over governance.Ernst & Young, which along with law firm Linklaters has been been accused of providing "window dressing" for Lehman Brothers' risky financial structures, today became the first of the "big four" auditors to announce its intention to appoint in non-executive directors to its global advisory board. Full Article

The Accountancy & Actuarial Discipline Board (AADB) said it would probe the final years before the bank’s demise, focusing on the use of particular repurchase transactions, known within Lehman's as Repo 105s, allegedly used to displace assets during sensitive reporting periods. Full Article

PricewaterhouseCoopers is facing an inquiry by accounting regulators into its failure to notice that JP Morgan was paying up to £16 billion of clients’ money into the wrong bank accounts. Last week the Financial Services Authority fined the investment bank £33.3 million Full Article

The American banking sector continues to grapple with failures and on an average, ten banks are closing down every month. This year, 30 banks have already collapsed and the numbers are expected to rise in the coming weeks. A staggering 184 banks have folded up since the bankruptcy of the then Wall Street major Lehman Brothers in September 2008. Full Article

The Reserve Bank of India (RBI) on Wednesday withdrew the special short-term foreign currency borrowings facility for non-banking financial companies (NBFCs) and housing finance companies. The central bank made the decision after reviewing the macroeconomic conditions and improvements in the domestic credit and liquidity conditions, it said in a statement. Full Article

For someone who aspires for a hole-in-one as an amateur golfer, Adit Mathur has made a Tiger Woodsian debut on the job circuit. The 20-year-old undergrad of Shri RamCollege of Commerce (SRCC) is now the toast of Delhi University (DU) as he has teed in an offer from Deutsche Bank for an annual compensation package of Rs 32 lakh ($69,000). Mathur, a resident of Civil Lines in Delhi, will be trained in London next year for a plum posting abroad. Full Article