Larry McDonald, former Lehman trader and author of the bestseller “A Colossal Failure of Common Sense” recently gave his view of the now notorious “accounting gimmick“.

Greenwich Time: McDonald told Greenwich Time that when he interviewed one the whistle-blowers in the Lehman case for his book, the whistle-blower said the examiner would find fraudulent examples of GAAP violations.

“It’s clearly a balance-sheet manipulation,” says McDonald.

More>

Unequivocal.