JPMorgan Chase & Co. said that senior management of Lehman Brothers Holdings Inc. is to blame for the investment bank's "disastrous" high-risk strategy that resulted in a series of fraudulent transactions and led to the bank's demise and the largest bankruptcy filing in the nation's history, Dow Jones Daily Bankruptcy Review reported yesterday. Lehman's managers made large bets using the company's own balance sheet, JPMorgan said in a recent filing in the failed investment bank's $8.6 billion lawsuit against JPMorgan, and "regularly and deliberately ignored, overrode, manipulated or otherwise failed to adhere to its own internal risk policies and procedures."
