Shearson Lehman Fraud?
Shearson Lehman pulling an Enron hiding losses off the Books? G
According to a report released in March by Lehman's court-appointed examiner, Anton Valukas, Lehman accounted for Repo 105 and Repo 108 transactions as sales, without disclosing that practice to investors and regulators.
The transactions allowed Lehman to temporarily remove some $50 billion in assets from its balance sheet, presenting a stronger financial picture than existed, according to the report.
"On one hand, having a forward purchase contract -- a right and obligation to buy an asset -- is not the same as owning the asset," Herz wrote. "On the other hand, the contemporaneous transfer and repurchase commitment entered into in a repo transaction raises questions about whether control actually has been relinquished."
So when it came time for the Books to be audited, the asset was sold, for the period covered
curing the audit, so the asset with huge losses wasn't on the books, then repurchased
at an agreed price after the audit. In my book thats FRAUD, cooking the books to
We are going to find a lot of the big American banks were doing this.
Whether this gets cleaned up or not will point who is in charge of Congress.
If they will let the criminal American Banks continue with out real regulation.
Series 3 and 7