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Lehman Brothers: Violation of Federal Compliance Law?

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In an article posted on Mother Jones September 26, 2008, the counsel of Lehman Brothers CEO Richard Fuld informed the House Oversight Committee that non electronic company documents that were sent, received or reviewed were typically discarded. However, these documents may fall under the federal jurisdictions signed into law after the Enron debacle. These laws require compliance with heightened record-retention procedures. Currently, Lehman Brothers does not appear to have been prepared for meeting these compliance standards. This could lead to serious criminal penalties for the CEO.

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