Larry McDonald (a former bond trader at Lehman who helped make the firm $2 Billion in 2007) was on Bloomberg talking about the Lehman Chapter 11 Examiner's Report and called Lehman the "greatest hide the salami move in the history of Wall Street". According to the report Lehman hid assets through the use of off balance sheet Repo-105 transactions which painted a misleading picture of their financial condition. Lehman had 7 counterparties involved in the Repo-105 deals who could have "squeezed" Lehman given their exposed weakness (read Zero Hedge post: Lehman's Repo 105 Counterparties Barclays, Mizuho, UBS, Deutsche Bank, And KBC May Have Attempted To "Squeeze" The Bank). Sounds like Repo-105 in this case was desperation + auditing (via Ernst & Young) gone amok. The video is from BloombergTV on Youtube.
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