write bullet points for the sentences, ideas or information that I have down in the attachment.

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Please write bullet points for the sentences, ideas or information that I have down in the attachment.

Please write no more than 3 words for each sentence as a bullet point. I need these for presentation slides.


Lehman is regarded as to be among the oldest bank and that it made
large amounts of profits.

Lehman Brothers was sold to American Express in 1984.

In mid 2000s, Lehman Brothers opted to pursue a higher growth
strategy which made it to shift from low-risk brokerage model to a
higher-risk banking model.

Switching to a higher-risk banking model led to the transformation
of Lehman’s balance sheet.

Lehman Brothers assets increased by about $300 billion between
2004 and 2007 and equity by $6 billion.

The company was shaken in March 2008 especially after the
collapse of Bear Sterns.

In 2008, Lehman Brothers realized its first quarterly loss of $2.8
billion. In August 2008, the company laid off 1,500 employees since
more losses were expected.

During a meeting with officials from Federal Reserve Bank situated
in New York, it was made clear that the government would not bail
out Lehman Brothers.

Lehman filed a case when it became bankrupt which is well stated
in the Bankruptcy laws and this was the largest bankruptcy filing.

Standard repo transactions were done in two major steps. First,
Lehman would borrow cash using assets on its own balance sheet as
collateral. Lastly, in the event of repaying the cash by Lehman, the
collateralized assets would be repossessed, and Lehman pays the
lender the original borrowed amount plus some interest.

SFAS 140 was in charge of handling the accounting transfers and
servicing of financial assets.

SFAS 140 clearly stated the conditions under which a sale would be
recorded.

Audits were carried out by E &Y.

E &Y audited Lehman books and also performed other accounting,
advisory and tax services.

Lehman ensured that it complied with the Sarbanes-Oxley Act of
2002 by ensuring that E & Y reported directly to the audit team.

Statistics indicate that Lehman Brothers rose to eighth position
based on audit fees.

The letter addressed unethical and unlawful conduct especially in
regard to handling of financial statements.

Matthew outlined the following:

There is no efficiency especially in the way senior management
controls assets and thus the financial statements the requirement of
being full, fair, accurate and timely.

There is a problem with substantiation of balance sheets. The
company has a number of unsubstantiated balances which goes
against the set principles.

Unrealistic valuing of inventory. Lehman possesses huge amounts
of inventory which are not likely to be sold or bought in any market
at the current market price. Lehman has a large volume of assets and
also the company holds a reputable position and therefore we do not
expect it handle its inventory in such a disorganized manner.

Insufficient investments. Lee believes the company has not invested
in the required financial systems and personnel to enable it cope with
the increased balance sheet.

Insufficient Management. Lee believes that there is insufficient
management in Mumbai due to inadequate knowledge by the
personnel and hence there are high chances of misstatement of
potential facts.

Inadequate auditing. From experience, Lee believes that some of the
audit personnel have inadequate professional expertise to carry out
efficient auditing functions especially in regard to the large size of
the firm.

The letter was passed to E &Y audit team for scrutiny.

Also, the audit team accepted that the letter raised a lot of potential
accounting irregularities despite failure to mention Repo 105
transactions.

The audit’s committee chairman instructed E &Y to plan a meeting
with Lee to examine his allegations and give a feedback to the audit
committee.

It was concluded that E &Y partners expressed some level of
comfort in addressing relating to Repo 105 transactions as the
accounting principles used were aligned with the United States
rules.

It was also concluded that Lehman’s reasons for failure should be
incorporated in the discussion.

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