Bank of America Repo 105? $10.7 Billion of Trades Wrongly Classified According to SEC Letter

Repo 105 From Wikipedia, the free encyclopedia Repo 105 is an accounting maneuver where a short-term loan is classified as a sale. The cash obtained through this “sale” is then used to pay down debt, allowing the company to appear to reduce its leverage by temporarily paying down liabilities—just long enough to reflect on the … Read more

The Rule of Law and Wall Street by U.S. Senator Ted Kaufman

Senator Ted Kaufman “Gets it” by U.S. Senator Ted Kaufman March 15, 2010 Mr. President, last Thursday, the bankruptcy examiner for Lehman Brothers Holdings Inc. released a 2,200 page report about the demise of the firm and which included riveting detail on the firm’s accounting practices. That report has put in sharp relief what many … Read more