The internal villain in the rather damning 2,200-page coroner's--uh, examiner's--report on Lehman Brothers (Lehman Brothers news) was undoubtedly then CEO Richard Fuld (Richard Fuld news). But then CFO Erin Callan (Erin Callan news) was criticized as well.

Examiner Anton Valukas, who chairs law firm Jenner & Block, was highly critical of Lehman's use of repurchase agreements, despite the fact that other Wall Street firms were doing much the same, to hide a lot of assets. Fortune notes that he faults Callan for telling analysts that the firm was aiming to provide "a great amount of transparency on the balance sheet," while saying "nothing about the firm's use of Repo 105 transactions." Callan also failed, the report says, to pass on concerns by financial controller Martin Kelly abut the use of the repos to Fuld and other top execs.

In the Sarbanes-Oxley (Sarbox news) era, both the CFO and the CEO have to sign off on financial statements, basically attesting to the veracity of the numbers. You have to wonder if the report will revive the movement to hold executives accountable for the Lehman mess. There was once a lot of talk about Fuld being prosecuted. 

For more:
- here's the article

Related Articles:
Lawyer bent on absolving Dick Fuld
What's Dick Fuld up to?
Why Lehman Brothers really went belly up