In what many believe was a defining moment of the credit crunch and worldwide recession the collapse of Lehman Bros has been reinvestigated by a number of authorities around the world. A report issued today suggests that the management and senior executives of Lehman Bros together with auditor Ernst & Young were partly to blame for the disappearance of one of the most iconic financial institutions in the world.

It is alleged that Lehman Bros was actually insolvent some time before filing for bankruptcy in a report issued by a court-appointed examiner. While Ernst & Young has hit back at the claims in the report there is concern about the use of certain modern day accounting practices which were perfectly legal but the court examiner believes did not present a true picture.

While the court appointed examiner has suggested there could be possible legal grounds for action against former executives this would appear to be highly unlikely at this stage. The main purpose of the report was to see how a company which seemed to be so powerful and so influential in the financial markets suddenly went from the top league to extinction. If any lessons can be learned from the collapse of Lehman Bros then perhaps the disappearance of one of the most iconic institutions in the world may not be in vain.

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