The former Lehman Brothers boss, Dick Fuld is revealed to have denied all recollection of an accounting ruse, alleged to be utilized in a view to boost the Wall Street bank's balance sheet by $50bn (£30bn).

Fuld said, "I believe that the examiner's report distorted the relevant facts, and the press, in turn, distorted the examiner's report. The result is that Lehman and its people have been unfairly vilified".

He explained that defunct brokerage has been vilified in a biased manner by charges it used creative accounting techniques to mask its dire financial state.

In addition, Fuld revealed that he has no idea of how a notorious technique known as Repo 105, which according to the bankruptcy examiner, was actually a subterfuge used to temporarily improve Lehman's finances at the end of each reporting period.

The Valukas report is revealed to discover that Lehman used Repo 105 to stealthily remove some $50 billion of undesirable assets from its balance sheet at the end of the first and second quarters of 2008.

The committee, which is conducting an investigation into the public policy issues raised by the Valukas report, was also yet to hear testimony from Treasury Secretary, Tim Geithner and Federal Reserve, Chairman Ben Bernanke.