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Repo 105 and Why Auditors Have Some “Splainen to Do”
[By Staff Reporters]
According to ProPublica on March 16, 2010 on 9:07 am EDT, a post-mortem report on Lehman Brothers revealed a shady accounting maneuver through which the bank hid its financial troubles for nearly a decade.
Pleading Ignorance
In this repot, Marian Wang takes a closer look at the parties pleading ignorance and the auditors who admit they knew, but insist they did no wrong.
Assessment
Conclusion
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Filed under: Accounting, Ethics, Insurance Matters, Investing, Portfolio Management | Tagged: Accounting, investment bank, Lehman Brothers, Marian Wang, ProPublica, Repo 105 |
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ME-P
You always seem to be ahead of the game.
Now, in this new essay, Marian Wang of ProPublica asks: Was Bank of America in on Repo 105-style Accounting Tricks?
Bank of America may have been trying to do the same thing Lehman was doing in 2006 — move troubled assets off its balance sheet to avoid any hint of trouble.
http://www.propublica.org/ion/blog/item/was-bank-of-america-in-on-repo-style-accounting-tricks
Kenneth
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Did you know that Lehman Brothers Holdings Inc, estimated that more than $800 billion in claims filed by creditors against the failed investment bank will ultimately be cut to about $260 billion dollars.
http://online.wsj.com/article/SB10001424052702304739104575153821465296714.html
So glad I put my money in gobal index mutual funds.
Curt
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Update
Lehman Brothers Holdings Corp is about to take its last step toward exiting a more than three-year-long bankruptcy process, a move that should enable it to begin paying back investors next year.
http://money.msn.com/business-news/article.aspx?feed=OBR&date=20111205&id=14589485
But, do they have any credibility left?
Bruno
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Banks Seen At Risk Five Years After Lehman Collapse
While the amount of capital at the six largest U.S. lenders has almost doubled since 2008, policy makers say the system is still too leveraged, complicated and interconnected to withstand a panic.
http://www.fa-mag.com/news/banks-seen-at-risk-five-years-after-lehman-collapse-15401.html
Curt
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Lehman Was Not Alone – Measuring System Risk In The 2008 Crisis
On September 15, 2008, Lehman Brothers filed for bankruptcy and ushered in the worst part of the recent financial crisis.
http://ineteconomics.org/blog/institute/lehman-was-not-alone-measuring-system-risk-2008-crisis
Today, we still discuss whether taxpayer money should have been used to rescue Lehman.
Frampton
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Lehman Update 2017
JPMorgan to pay Lehman $797.5 million to end litigation over collapse.
http://www.msn.com/en-us/money/companies/jpmorgan-to-pay-lehman-dollar7975-million-to-end-litigation-over-collapse/ar-AAmvStN?li=BBnbfcN
Arnie
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Lehman Bros
10 years to the week that made Ben Bernanke an American hero for the ages.
Joshua
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