Repo 105 title of a dubious financing transaction that Lehman Brothers used in 2008 to make its balance sheet look healthier than it really was.
Repo 105 shady accounting by Lehman and Ernest and Young
By ProPublica – If you haven’t already watched it, Marketplace has a great video explaining Repo 105, a shady accounting maneuver through which Lehman Brothers hid its financial troubles for so long before finally filing in 2008 for the largest bankruptcy in U.S history.
As business reporters sniff through Anton Valukas’ 2,200-page “coroner’s report” on Lehman, here’s a look at all the people who’ve denied they knew anything about the “Repo 105” scam.
Dick Fuld, Lehman’s former CEO:
“Mr. Fuld, for example, denied knowledge of the effect of the Repo 105 transactions or that the firm removed assets from its balance sheet. A footnote in the report states that Mr. Fuld’s lawyer informed the examiner that he did not use a computer and only accessed e-mails on his BlackBerry but could not open up attachments, including one that went into the Repo 105 deals in March 2008.” (from The New York Times )
