Private equity firebrand says 'absurd' accounting rules must be partly to blame for the current market troubles
Jon Moulton has branded the accounting rules governing banking disclosures 'absurd' after the implosion of Lehman Bros.
Speaking to Accountancy Age before a high-profile COA Solutions conference at the ICAEW in London, Moulton said: 'Lehman Brothers went that way because [investors] didn't trust the numbers. They didn't trust the numbers because they don't understand them because of the complexity of the things that are put in place and the absurd accounting that's been wrapped around it.'
The 'How to prosper in a downturn' event was attended by 150 FDs looking for guidance on how to make the most of tricky market conditions.
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