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Lehman Brothers used Repo 105 transactions to temporarily remove assets from its balance sheet in order to meet net leverage targets and present a stronger financial position to investors. While the transactions were questionable, Ernst & Young approved the accounting treatment without ensuring it complied with standards. Both Lehman Brothers and its auditor, as well as regulatory bodies like the SEC and Federal Reserve, were at fault for the use of Repo 105 and subsequent financial crisis, and reforms are
- Author
- aalfo123
- Language
- EN