It’s been all quiet on the Lehman front for a while but when the U.S. government spend $38.4m on a report you’d expect it to be juicy. That’s a year-long investigation, the review of more than 10 million pages and interviews with more than 100 witnesses culminating in 2,200-pages of juice to be exact.

Never mind the broader allegations relating to practices pursued by the bank, this is where failure gets personal for the man formerly known as the Gorilla.

Bloomberg: Fuld was warned months before the bankruptcy by Treasury Secretary Henry Paulson that Lehman might fail if it continued to report losses without finding a buyer or putting in place a survival plan, according to the report.

Lehman’s chief was “at least grossly negligent in causing Lehman to file misleading periodic reports” while its risks were rising because of long-term assets financed with short-term debt, Valukas said in the report.

Lehman’s executives engaged in conduct ranging from “non- culpable errors of business judgment” to “actionable balance sheet manipulation,” as they used “accounting gimmicks” to move assets off the balance sheet without disclosing that to the government, rating agencies, investors or Lehman’s board.

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The smell of roses definitely won’t be emanating from Fuld or other former execs of Lehman.