A report on the Lehman Brothers bankruptcy came out today.\u00a0 It’s ancient history really, because to happened a year and a half ago.\u00a0 But it’s relevant today to remind us of the obfuscation that we endure from banks, politicians, the boss and others.<\/p>\n
Simply put, Lehaman fudged its financial performance by selling assets prior to a reporting date in order to improve its reported balance sheet and income statement.\u00a0 Then after teh reporting date, borrowed to repurchase the assets, at a slightly higher price.\u00a0 In other words, they paid someone to sweep the dust under the carpet for a few days.<\/p>\n
There are some synopses of the story for finance geeks (like me?) here:<\/p>\n
Lehman Brothers’ former heads criticised for lapses by BBC<\/a><\/p>\n<\/div>\n What\u2019s in Repo 105 by FT\/alphaville<\/a><\/p>\n Graphic: How \u201cRepo 105? worked by Reuters<\/a><\/p>\n The moral of the story is that banks, fiduciaries, politicians are still playing the same old tricks.\u00a0 It’s a bit like the Pope failing to atone for the abuse of children by priests<\/a> also in the news today.\u00a0 Nothing has changed and the consequences for the global economy, local economies and society will be dire.<\/p>\n","protected":false},"excerpt":{"rendered":" A report on the Lehman Brothers bankruptcy came out today.\u00a0 It’s ancient history really, because to happened a year and a half ago.\u00a0 But it’s relevant today to remind us of the obfuscation that we endure from banks, politicians, the boss and others. Simply put, Lehaman fudged its financial performance by selling assets prior to …
Continue reading Repo 105 – it’s still out there.<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5,14],"tags":[],"class_list":["post-1182","post","type-post","status-publish","format-standard","hentry","category-worldofmoney","category-risk-and-terror"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4hwcd-j4","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/posts\/1182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/comments?post=1182"}],"version-history":[{"count":2,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/posts\/1182\/revisions"}],"predecessor-version":[{"id":1184,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/posts\/1182\/revisions\/1184"}],"wp:attachment":[{"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/media?parent=1182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/categories?post=1182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/tags?post=1182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}