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Lehman Brothers Repo 105 Accounting Fraud

The slicker the language you listen to, the quicker you'll land on your ass.  And so it is with the Lehman 105 Repo fraud.  Let's take a quick look the slick language before avoiding slipping on the bullshit. In the Business Insider, Tom Kirkendall (who has earned praise at Crime & Federalism many times but who is very confused about Lehman Brothers) writes: As I understand those transactions, they improved Lehman?s balance sheet by increasing its liquidity position at the end of several quarters through converting non-liquid assets to cash. When Lehman repurchased the assets after the date of the financial statement, the balance sheet didn?t change much except for showing less liquidity because the repurchased asset ? which went back on the balance sheet after the repurchase ...continue to full post

Full post as published by Crime & Federalism on March 15, 2010 (boomark / email).