developments in particular. It is small wonder that when it came to the crunch, Lehman's valuations of its real estate portfolio were greeted with scepticism.
As noted above, the regulations for valuations for development did not apply to Lehman Brothers as they were not regulated by the Federal Reserve or the OCC. However, these were also the issues which the SEC should have addressed as part of its Consolidated Supervised Entities Programme. It was not until February 2008 that the SEC embarked on a special project to review the CSE's price verification
much evidence that once people have formed an opinion, they cling to it too tightly and for far too long. This is because they are reluctant to search for evidence that contradicts their belief, and even if they find such evidence, they are likely to treat it with excessive scepticism, or may even misinterpret it as evidence for their beliefs. When forming estimates, people often start with some initial, possibly arbitrary value and then adjust away from it, but the adjustment is often insignificant. This is the kind of empirical evidence concerning human behaviour