Steve Kroft: Did the audit committee know?
Anton Valukas: No.
Steve Kroft: Did the board of directors know?
Anton Valukas: No.
Steve Kroft: Did Dick Fuld know?
Anton Valukas: Did Dick Fuld know? Well, he says no.
The only place Lehman's CEO, Richard Fuld, has publicly answered any questions about his firm's bankruptcy has been in front of Congress.
[Richard Fuld: I have absolutely no recollection whatsoever of hearing anything about or seeing documents related to Repo 105 transactions while I was the CEO of Lehman.]
Anton Valukas: He said the same thing to me face-to-face.
Steve Kroft: Do you believe him?
Anton Valukas: There was evidence which would show that that's not accurate. The president of Lehman Brothers told us that in fact he had conversations with Dick Fuld about this and documents were shared with him which would reflect the Repo 105 transactions and how they were being used. Richard Fuld's view on that was that he has no knowledge of it. You have other evidence that he did. A jury would have to decide who's telling the truth.
But so far there has been no jury to hear the evidence. Despite Valukas' findings -- and the supporting documents and testimony to back them up -- the Securities and Exchange Commission has not brought any charges of any kind against former Lehman executives. For the past few months, we've made numerous requests to interview the SEC's head of enforcement. All of those requests have been declined.
Steve Kroft: The Securities and Exchange Commission has not brought a case.
Anton Valukas: No, they have not.
Steve Kroft: Does that bother you?
Anton Valukas: I'm not permitted to be bothered by that. You know, my job was to set out the facts, lay it out. They have to make their own prosecutive decisions.
There is one plausible explanation why SEC hasn't has not gone after top Lehman executives. As it turns out, some of Lehman's most egregious accounting shenanigans took place right under the noses of government regulators.
Steve Kroft: How closely was the SEC monitoring Lehman Brothers during this time?