From the FTdotcomment blog:
For those baffled by all the talk of repos, accounting rules and hidden leverage, a quick round-up of those against whom the court-appointed Anton Valukas, “examiner” of Lehman Brothers, found that legal claims would have “sufficient credible evidence to support a finding by a trier of fact” – what he calls “colorable claims”. You can read the full 2,200 page report here.
At Lehman, thanks to the discovery of “repo 105″, used to hid borrowing and make levels of leverage look lower:
- Dick Fuld, chief executive
- Christopher O’Meara, former chief financial officer
- Erin Callan, former chief financial officer and until recently at Credit Suisse
- Ian Lowitt, chief financial officer