Valukas’ Lehman post-mortem reveals flaws in stress testing


Significant gaps in the stress-testing practices of Lehman Brothers led the US bank to take on excessive risks in its real estate portfolio it might otherwise have avoided, according to a detailed report on the bank's collapse.

Anton Valukas, chairman of the Chicago law firm Jenner & Block, was appointed by a  bankruptcy court in New York in early 2009 to investigate the causes of the Lehman bankruptcy. Yesterday he published his 2,200-page report.

Valukas found the bank had taken risk

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