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CORPORATE ACCOUNTING SCANDALS OF LEHMAN BROTHERS FINANCIAL ACCOUNTING & international amp; report 2 (ACC 3103) Semester 1 2012/2013 NAME| UK NUMBER| SITI HAJAR AMANI BINTI ZULKIFLE| 26702| CHE NUR HIDAYAH BINTI CHE MOHD ZAINUN| 26735| SYAHIRAH BINTI SAAD| 26801| meeting 42 SUBMITTED DATE: 6TH DECEMBER 2012 background OF LEHMAN BROTHERS Henry Lehman,23 years old businessman and son of a cattle dealer, candid a dry goods shop plantd H.Lehmanin 1844. After that, in 1847, his younger brother, Emanuel Lehmanentersthe business which was then called H. Lehman and Bro. With the 1850 conflict of the youngest brother, Mayer Lehman, the degraded became Lehman Brothers. During the year, Lehman Brothers started clutch in purchasing and selling cotton which is crops high market value. A hardly a(prenominal) years after that, they started trading in cotton by opening the in the alto hold backher York Cotton Exchange in U.S.Afterthat,Lehman Brothers shift fro m trading to merchant banking that became important asset on Wall Street. In 1924, umpteen non-family members wanted to be associate of this riotous whom John Hancock, Monroe C.Gutman and capital of Minnesota Mazur in 1927.

In1929,it became closed-end investment funds firm and change its name to Lehman mass whereas in 1969,the remnant family member left this firm which restrain none of memberconduct this firm until the Chairman and CEO of the Bell&Howell muckle, Pete Peterson get in to salvage the firm. Then, in 1972,the firm piddle an opportunity of quickly growing bond market in Europe and do it the first investment bank. After that, American ! Express obtained Lehman Corporation then combines with Shearson in 1984. But, nine years later Shearson was ransack from American Express making the firm get the name Lehman Brothers Holdings Incorporation back. ACCOUNTING SCANDALS IN LEHMAN BROTHERS Firstly, the Lehman cases argon repurchase agreements, ordinarily called repos. The borrower sells securities for cash and agrees to repurchase them at a set...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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