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Investment Banking
The Origins of Lehman’s ‘Repo 105’
"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."
