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In a new dispatch on how the American brand has been dented by the ongoing financial crisis, AFP says Chinese accounting firm Lehman Brown which has long been threatened with lawsuits from a "certain Wall Street investment bank" is now "suddenly open to a name change":
CHINA-BASED accountants Lehman Brown refused to budge when lawyers acting for a certain Wall Street investment bank sent threatening letters demanding they change their name.Shanghaiist took a quick look at the Lehman Brown website, but found absolutely no information as to who these Mr Lehman and Mr Brown might be.The letters have stopped now, but the accountants are suddenly open to a name change, said Mr Dickson Leung, a senior partner at the firm.
Lehman Brothers' bankruptcy and the global crisis that followed has led some in China to reassess their view of Wall Street, especially against the backdrop of their own country?s remarkable rise.
'From a Chinese perspective, in the past people thought: "Wall Street - that?s where people make a lot of money",' Mr Leung said by telephone from Beijing.
'Now the Chinese might be thinking: "Who knows? Maybe we can do better, we can create another Wall Street in China",' he said.
The accounting firm's name - the surnames of its US expatriate founders - attracted clients because it sounded 'very American', Mr Leung said, insisting the company had not just tried to copy the famous bank's similar moniker.
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this dude set it up ...
http://www.elehman.com/info/bio.htm
LehmanBrown was set up by Ed Lehman, Russell Brown & Dickson Leung. There has indeed been past commentary about Ed Lehman claiming to have been part of the Lehman banking family. The firm have also had some criticism for advertising themselves as accountants and signing off on audits, when "LehmanBrown" are not in fact licensed by the Chinese authorities to do so - they say that their Chinese accounting company (run by Leung but under a Chinese name) has the English name LehmanBrown. However there is a Hong Kong company "LehmanBrown" which is not registered either with the Hong Kong CICPA and is not registered as an auditor in China. They were also sued for trademark infringements against several competitors awhile back. If they didn't intend to trade off the back of the "Lehman" Wall Street name then there would be no reason to go for a name change would there? Its not behavior you'd expect from a professional firm. If you check with the Chinese authorities you will also find there is no accounting firm registered with them under the name "LehmanBrown". Yet they practice as if they are. Everything about this particular firm is all rather dodgy.
For those interested in skyisthelimit and his background please check http://foarp.blogspot.com/2008/11/chris-devonshire-ellis-is-not-lawyer.html
This individual is truly sad and lonely and just can not keep himself from posting derogatory comments. It's a mental thing so just take his comments with a pinch of salt.
The die was cast years ago, when Lehman Brothers partook of the forbidden subprime fruit and reveled in easy profits. But now the fruit has turned into an oozing black lump, the easy profits have become multi-billion-dollar losses, and Lehman’s blood is in the water. Lehman Brothers has now suffered a year’s worth of injuries and distresses in just a single day; after losing more than 90 percent of their value this year, Lehman’s shares fell by another 45 percent on capital concerns in today’s session alone. Stay tuned because more bad news is likely on its way.
Lehman Brothers Holdings Inc. fell a record 45 percent in New York trading after talks about a capital infusion from Korea Development Bank ended. The Wall Street firm is continuing to negotiate with other potential investors, a person briefed on the matter said.
Lehman is trying to raise capital and shed devalued real- estate assets after $8.2 billion in writedowns and credit losses in the past year. Korean regulators told the development bank it would be “inappropriate” to pursue a Lehman acquisition.
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Samy
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