Monday, September 22, 2008
A good example of transparency and audited financials by a world class accounting firm: Lehman Bros.' demise.
- Lehman administrator seeks $8bn
- Lehman Brothers UK staff packing up
- Lehman's administrators want to repatriate $8bn from the US
The European administrators of failed US investment bank Lehman Brothers have filed a court order in New York demanding $8bn (£4.4bn) is returned from the US to London.
Lehman's demise sent shock waves through global markets, undermining confidence in the financial system.
Tighter regulation
The UK prime minister said that international regulation of the financial system must be brought up to date in the wake of the recent turmoil.
Gordon Brown told the BBC: "We're in a new economy, a global financial economy, the world is changing very fast, but the governance of the global financial system has not caught up with it and that's what's got to change."
The global financial impact of the demise of Lehman Brothers is still emerging as firms worldwide state their degree of exposure to the bankrupt firm.
In Hong Kong, angry investors marched to government offices on Sunday calling for action after losing money on investments linked to the failed investment giant.
Last week, UK bank Barclays snapped up some of the core assets of the Wall Street giant, including its New York headquarters, for $1.75bn. (BBC report)
Grupo PANAMERSA
- PAN News Network