Monday, April 19, 2010

Lehman's Fuld on Repo 105s: Accounting Made Us Do It - Bloomberg

Lehman's Fuld on Repo 105s: Accounting Made Us Do It - Bloomberg

"Richard Fuld, the former chief executive officer of defunct Lehman Brothers Holdings Inc., said the Wall Street firm reported certain repo transactions as sales because accounting rules required it to do so.“Lehman should not be criticized for complying with the applicable accounting standards,” Fuld said in the prepared text of testimony to be presented to Congress tomorrow."



When in doubt, blame an accountant?

1 comment:

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