So how will Ernst & Young respond to the charges filed against it by New York Attorney General Andrew Cuomo?
In his complaint filed Tuesday, Mr. Cuomo alleges that the accounting firm helped Lehman Brothers engage in “a massive accounting fraud” before it collapsed. Following the trail forged by Lehman examiner Anton Valukas of Jenner & Block, Mr. Cuomo focuses on E&Y’s handling of the controversial Repo 105 transactions. These accounting maneuvers let Lehman temporarily move debt off its books to improve its balance sheet.
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