Before filing the largest bankruptcy in U.S. history in September 2008, Lehman Brothers used an accounting maneuver called 'Repo 105' to temporarily move up to $50 billion off its balance sheet each quarter. Executives described it internally as 'window dressing.' Auditor Ernst & Young knew about the scheme but approved it. A senior VP warned in an internal email that 'Repo 105 is an accounting gimmick,' yet the deception continued until Lehman's collapse triggered the global financial crisis.
Lehman Brothers hid $50 billion in debt using 'Repo 105' accounting tricks before its catastrophic collapse
βLehman Brothers is hiding tens of billions in debt from its balance sheet using fraudulent accounting practices. Ernst & Young is complicit in this deception.β
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Confirmed: They Were Right
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Confirmed: They Were Right
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