Bad Credit Loans

MPs and financial experts demand regulators reform industry in effort to eliminate risky practices, writes Phillip Inman Pressure was mounting this weekend for a root-and-branch review of the role played by auditors in the credit crunch, following the revelation that Lehman Brothers was able to hide $50bn (£32bn) of debts from regulators despite checks by accountancy [...]

What should be the fate of Lehman Brothers’ chief executive, Dick Fuld? After this week’s 2,200-page potboiler from the bankruptcy courts, one former Lehman banker has an uncompromising opinion. “I think this is gross negligence of the highest order and I want to see people behind bars,” says Larry McDonald, a former Lehman vice-president whose book, [...]

Report for United States Bankruptcy Court says City law firm approved off balance sheet transactions that disguised true state of Lehman Brothers’ finances Linklaters, one of London’s premier law firms, is battling to defend its reputation after a US report into the failure of Lehman Brothers showed it approved controversial deals that shifted billions of dollars [...]

• Bob Diamond and rapper Jay-Z at ground-breaking ceremony• British bank hopes $300m deal will promote its image in America Seated alongside rap star Jay-Z, Barclays president Bob Diamond beamed cheerfully as a soul rendition of the US national anthem was partially drowned out by the din of circling helicopters and noisy protesters. In a marquee [...]

There are lies, damned lies and investment bank balance sheets. It’s always been a puzzle how Lehman Brothers was able to spout reassuring figures on declining indebtedness and healthy underlying trends until the day it collapsed, sending the global financial system into a near-apocalyptic meltdown.Now, thanks to bankruptcy examiner Anton Valukas’s exhaustive 2,200-page “autopsy” of [...]

Documents show the concerns held by the Financial Services Authority about the ability of Barclays to maintain a big enough capital cushion if it proceeded with the takeover of Lehman Brothers A series of intense transatlantic phone calls between US and UK regulators made during the frantic weekend that ended with the collapse of Lehman Brothers [...]

• Former chief Dick Fuld and accountants Ernst & Young criticised in 2,200-page report• Claims that buyer Barclays received assets it was not entitled to• Fuld tried to involve Gordon Brown to fast-track Barclays rescue A court-appointed US bankruptcy examiner has concluded that there are grounds for legal claims against top Lehman Brothers bosses and auditor [...]

Britain has paid a horrific price for allowing the City to dictate credit policy. Yet there is no inquiry, no questioning, only silence Still no inquiry. Still no answers. A trillion pounds has been devoted over the past 18 months to protect Britain’s financial system from alleged Armageddon, with not a murmur of value for [...]

Obama’s congressmen will sabotage the health bill to keep their seats. It is stomach-churning In our House of Representatives – “the people’s body” – the Democrats at this moment enjoy a gaudy 75-seat majority. Wait. Did I just put “Democrats” and “enjoy” in the same sentence? Scratch that. The Democrats suffer the affliction of a [...]

The closure of almost half of Kansas City’s schools shows what can happen when the wealthy opt out, and services suffer Twenty-nine out of 61 Kansas City, Missouri, schools will soon be shuttered in a desperate bid by the struggling school district to stave off bankruptcy. At the same time, close to one-quarter of the city’s [...]