That's the takeaway from a 2,200-page report written by Anton Valukas and filed with the Manhattan federal court today. In it he alleges that and acted in much the same way and did to drive AIG into a death spiral.
The two banks apparently changed the structure of their counterparty agreements with Lehman midstream, which led to Lehman's liquidity crisis and eventual $639 billion bankruptcy. That's just not playing nice. In addition to this allegation (which some might view as collusion), the report also dropped a dime on Dick Fuld, Erin Callan, and a couple other Lehmanites for certifying misleading statements.
Mr Valukas, 66, spent a year and $38m producing the report on whether banks such astriggered Lehman's bankruptcy or if improperly benefited from it and what role was played by the US Federal Reserve System.
You mean to tell me that banks are willing to profit from a competitor's demise?