Updated from our original March 13, 2010 post

Friday saw the release of the 2,200-page report by Anton Valukas on the Lehman Brothers collapse. Valukas was appointed examiner by the U.S. Bankruptcy Trustee probing the reasons for Lehman’s failure in September 2008.

Note: Examiners in bankruptcy cases are appointed to investigate accusations of wrongdoing or misconduct. Their job is to determine whether creditors can recover more money in these cases, and their findings often serve as guides for more lawsuits and even regulatory action. Mr Valukas is a Jenner and Block lawyer who specializes in criminal law and business litigation.

The report took one year and cost $38 million and it paints a damning portrait of the role of Wall Street and London’s financial center and the off balance-sheet trades used to mask Lehman’s true financial condition.

The report is nine volumes and 2,200 pages but downloaded quite quickly to our iPad. We are spending most of weekend reading it.

Please see full article below for more information.