Lehman Collapse: JPMorgan, Citi Did It?

Yesterday we mentioned that Lehman was cooking its books.

Today it emerges that Citi and JPMorgan fitted Lehman with a noose and perhaps tightened it a bit too much.

-- JPMorgan Chase & Co. and Citigroup Inc. helped cause the collapse of Lehman Brothers Holdings Inc. by demanding more collateral and changing guarantee agreements, a bankruptcy examiner said today in a report. --Bloomberg

There's plenty more at the link. Yes, E&Y is named again.

Look for prosecutions to follow.