Brilliant clarification of Lehman's REPO 105 by Paddy Hirsch, very Khanesque

Repo 105 from Marketplace on Vimeo.

&

Investment Banking

The Origins of Lehman’s ‘Repo 105’

March 12, 2010, 7:02 am

"It’s not clear that there was a crime committed in the fall of Lehman Brothers. But the court-appointed examiner’s report makes it clear that there was financial massaging going on.

The examiner, Anton R. Valukas, refers repeatedly to “Repo 105,” a name for a set of accounting tactics originated by Lehman that temporarily shuffled about $50 billion off the firm’s balance sheet for the two fiscal quarters before it collapsed."

http://dealbook.blogs.nytimes.com/2010/03/12/the-british-origins-of-lehmans-accounting-gimmick/