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Ken Lewis, Bank Of America: Repo 105 Antecedents At Lehman Brothers

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I agree with Felix Salmon that the former Lehman staffers who defend Repo 105 are psychopaths -- certifiably insane. They state (as if this justifies it) that ...

The only people who would worry about using an old trick to reduce leverage from 13.9 to 12.1, are "yappers who don't know anything."

For those that don't know Repo 105 was a sale and repurchase agreement by which Lehman parked about 50 billion in assets (presumably assets they did not want to discuss) overnight via a repo transaction so they would not appear on the balance sheet.

Read the whole story at Bronte Capital

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