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Discount Hublot bankruptcy-court examiner by ru guo
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Discount Hublot bankruptcy-court examiner |
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Advertising,Blogs,Boating
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A bankruptcy-court examiner said Lehman had been doing the same thing to make Discount Hublot balance sheet look better before it filed for bankruptcy in September 2008, using a strategy dubbed "Repo 105" that helped the Wall Street firm move $50 billion in assets off its balance sheet. Discount IWC and Citi say their misclassifications were due to errors -- not an attempt to make themselves look less risky, which examiner Anton Valukas said was Lehman's motivation. The disclosures, made after federal securities regulators began asking financial firms about their repo accounting, were included in quarterly filings this month but not highlighted. The disclosures come amid a series of revelations about how banks obscure their risk-taking before reporting their finances to Discount Jacob&Co public, a practice known in the financial world as "window dressing." Bank of America and Citigroup were among the banks cited in a page-one Discount Jaeger leCoultre Street Journal article on Wednesday detailing how financial firms temporarily shed repo debt at the ends of quarters, when they report their finances to investors.
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