. August 20, 2012 SouthAmerica: Arthur Andersen once one of the "Big Five" accounting firms among PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst Young, and KPMG died a sudden death during the Enron fiasco. Now it looks like that another one of the world's leading accounting organizations one of the "Big Four" â this time Ernst Young also will die a quick death. Common sense tells me that only fools would trust the Ernst Young's audited information, since they are as good as garbage. Here are a few examples of Ernst Young's audited garbage information that they certify for public consumption: âThe case against Lehman Brothersâ 60 Minutes - August 19, 2012 Steve Kroft investigates the collapse of Lehman Brothers, which triggered a chain reaction that produced the worst financial crisis and economic downturn in 70 years. <embed src="http://cnettv.cnet.com/av/video/cbsnews/atlantis2/cbsnews_player_embed.swf" scale="noscale" salign="lt" type="application/x-shockwave-flash" background="#333333" width="425" height="279" allowFullScreen="true" allowScriptAccess="always" FlashVars="si=254&&contentValue=50129737&shareUrl=http://www.cbsnews.com/video/watch/?id=7418634n&tag=contentMain;contentBody" /> (CBS News) It's hard to overstate the enormity of the 2008 collapse of Lehman Brothers. It was the largest bankruptcy in history; 26,000 employees lost their jobs; millions of investors lost all or almost all of their money; and it triggered a chain reaction that produced the worst financial crisis and economic downturn in 70 years. Yet four years later, no one at Lehman has been held responsible. Steve Kroft investigates the collapse of Lehman Brothers: what the SEC did and didn't know about the firm's finances, the role of a top accounting firm, and why no one at Lehman has been called to account. On Sept. 15, 2008, Lehman Brothers, the fourth largest investment bank in the world, declared bankruptcy -- sparking chaos in the financial markets and nearly bringing down the global economy. It was the largest bankruptcy in history -- larger than General Motors, Washington Mutual, Enron, and Worldcom combined. The federal bankruptcy court appointed Anton Valukas, a prominent Chicago lawyer and former United States attorney to conduct an investigation to determine what happened. Included in the nine-volume, 2,200-page report was the finding that there was enough evidence for a prosecutor to bring a case against top Lehman officials and one of the nation's top accounting firms for misleading government regulators and investors. That was two years ago and there have been no prosecutions. Anton Valukas had never given an interview about his report until we broadcast this story in April of this year. Steve Kroft: This is the largest bankruptcy in the world. What were the effects? Anton Valukas: The effects were the financial disaster that we are living our way through right now. Steve Kroft: And who got hurt? Anton Valukas: Everybody got hurt. The entire economy has suffered from the fall of Lehman Brothers. Steve Kroft: So the whole world? Anton Valukas: Yes, the whole world. When Lehman Brothers collapsed, 26,000 employees lost their jobs and millions of investors lost all or almost all of their money, triggering a chain reaction that produced the worst financial crisis and economic downturn in 70 years. Anton Valukas' job was to provide the bankruptcy court with accurate, reliable information that the judges could use to resolve the claims of creditors picking over Lehman's corpse. Steve Kroft: Had you ever done anything like this before? Anton Valukas: I've never done anything like Lehman Brothers. I don't think anybody else has ever done anything like Lehman Brothers. Steve Kroft: So your job, I mean, in some ways, your job was to assess blame? Anton Valukas: Our job is to determine what actually happened, put the cards face up on the table, and let everybody see what the facts truly are. Valukas' team spent a year and a half interviewing hundreds of former employees, and pouring over 34 million documents. They told of how Lehman bought up huge amounts of real estate that it couldn't unload when the market went south -- how it had borrowed $44 for every one it had in the bank to finance the deals -- and how Lehman executives manipulated balance sheets and financial reports when investors began losing confidence and competitors closed in. Steve Kroft: Did these quarterly reports represent to investors a fair, accurate picture of the company's financial condition? Anton Valukas: In our opinion, they did not. Steve Kroft: And isn't that against the law? Anton Valukas: It certainly, in our opinion, was against civil law if you will. There were colorable claims that this was a fraud, yes. By colorable claims Valukus means there is sufficient evidence for the Justice Department or the Securities and Exchange Commission to bring charges against top Lehman executives, including CEO Richard Fuld, for overseeing and certifying misleading financial statements, and against Lehman's accountant, Ernst and Young, for failing to challenge Lehman's numbers. Anton Valukas: They'd fudged the numbers. They would move what turned out to be approximately $50 billion of assets from the United States to the United Kingdom just before they printed their financial statements. And a week or so after the financial statements had been distributed to the public, the $50 billion would reappear here in the United States, back on the books in the United States. Steve Kroft: And then the next financial statement, they would move it overseas again, and file the report, and then move it back? Anton Valukas: Right. Steve Kroft: It sounds like a shell game. Anton Valukas: It was a shell game. It was a gimmick. Lehman misused an accounting trick called Repo 105 to temporarily remove the $50 billion from its ledgers to make it look as though it was reducing its dependency on borrowed money and was drawing down its debt. Lehman never told investors or regulators about it. Steve Kroft: This is really deception to make the company look healthier than it was? Anton Valukas: Yes. Steve Kroft: Deliberate? Anton Valukas: Yes. Steve Kroft: How are you so sure of that? Anton Valukas: Because we read the emails in which we observed the people saying that they were doing it. We interviewed the witnesses who wrote those emails, or some of those emails, and asked them why they were doing it, and they told us they were doing it for purposes of affecting the numbers. Steve Kroft: Do you think that Lehman executives knew that this was wrong? Anton Valukas: For some of 'em, certainly. There was concerns being expressed by-- at high levels about whether this is appropriate, what happens if the street found out about it. So, you know, there was a concern that there's a real question about whether we can do this, whether this was right or not. One of those people was Matthew Lee who had been a senior executive at Lehman and the accountant responsible for its global balance sheet. Lee was one of the first to raise objections inside Lehman about the accounting trick known as Repo 105. Matthew Lee: It sounded like a rat poison, Repo 105, when I first heard it. So I investigated what it was, and I didn't like what I saw. ...But Lehman executives couldn't ignore the letter and asked their accountants from Ernst and Young to interview Matthew Lee. Anton Valukas: And in those interviews, we have the notes -- which are part of the report -- he says very specifically $50 billion, Repo transactions, moving money off the balance sheet at quarter end. So our conclusion was Ernst and Young certainly knew it as of that time, and did nothing with it. Valukas says Ernst and Young was legally bound to make sure that Lehman's audit committee and its board of directors knew about Lee's allegations of unethical and unlawful accounting practices. But they never did. ...Ernst and Young, Lehman's accounting firm is now being sued by New York State for aiding and abetting a fraud. Note: You can read the entire transcript of the program where the video of that program is located. .