European Tribune - Comments - Repo 105: Creative accounting at Lehman Brothers

Repo 105: Creative accounting at Lehman Brothers | 55 comments (55 topical, 0 editorial, 0 hidden)

There's a certain elegance to the scheme, I'm almost impressed :)

The brainless should not be in banking -- Willem Buiter

by Migeru (migeru at eurotrib dot com) on Wed Mar 17th, 2010 at 12:54:02 PM EST
[ Parent ]

Re: Fascinating stuff (4.00 / 4)

I'm pretty sure it's fair to state that "no US lawyer would sign off on it" means what it says... all the US lawyers thought it was not a true sale under US law...

Linklaters role reminds me that many parts of UK Financial law are expressed mostly in archaic formal English, where multiple interpretations abound...

by Metatone (metatone [a|t] gmail (dot) com) on Wed Mar 17th, 2010 at 12:57:34 PM EST
[ Parent ]

Re: Fascinating stuff (4.00 / 3)

I come off with the impression of law firms as mercenaries who will write a legal opinion in support of the higher bidder's claim, as long as it cal be plausibly construed that way. It reminds me of the way the TV series The Tudors which I have been watching recently depicts the evolving legal and theological arguments concocted by various scholars and advisors to Henry VIII to support his goal of divorcing Catherine of Aragón.

The brainless should not be in banking -- Willem Buiter

by Migeru (migeru at eurotrib dot com) on Wed Mar 17th, 2010 at 01:07:10 PM EST
[ Parent ]

Re: Fascinating stuff (4.00 / 3)

Bang on... commercial lawyers basically earn their best money that way... and it appeals to many of them psychologically - you go into commercial law in particular if a certain kind of systems beating/game theory approach appeals to you and you're a humanities student (if you could do math, many other career options exist...)

by Metatone (metatone [a|t] gmail (dot) com) on Wed Mar 17th, 2010 at 01:09:25 PM EST
[ Parent ]

Re: Fascinating stuff (4.00 / 2)

There are lawyers who seek to learn the law so as to promote justice and there are others who learn the law so as know how to stay just inside it. Guess who make more money.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Mar 17th, 2010 at 01:27:42 PM EST
[ Parent ]

Re: Fascinating stuff (4.00 / 3)

ARGeezer:

Guess who make more money.

Making money in more than one sense at that.

"Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky

by ChrisCook (cojockathotmaildotcom) on Wed Mar 17th, 2010 at 03:58:41 PM EST
[ Parent ]

Repo 105: Creative accounting at Lehman Brothers | 55 comments (55 topical, 0 editorial, 0 hidden)

. Home
. About
. Contact
. New User Guide
. FAQ
. ET Editorial Guidelines
. Search
. Search (Google)

Username:
Password:

. Make a new account
. Reset password

Recommended Diaries

Socratic Economics XII: Utopian Government Finance
by Zwackus - May 25
266 comments

A Star is Born
by ChrisCook - May 23
23 comments

The French newspaper Le Monde reports 1.5 million living the...
by Democrats Ramshield - May 27
6 comments

$1,000,000,000,00
0 or what we must remember
by Metatone - May 19
69 comments

The balance of anger and fear
by Frank Schnittger - May 17
44 comments

Stable pricing is to metaphysics as variable pricing is to...
by Upstate NY - May 16
8 comments

Another NRW election
by DoDo - May 13
118 comments

Bundesrat saves PV (and loses Röttgen)
by DoDo - May 12
18 comments

Recent Diaries

The French newspaper Le Monde reports 1.5 million living the...
by Democrats Ramshield - May 27
6 comments

Socratic Economics XII: Utopian Government Finance
by Zwackus - May 25
266 comments

A Star is Born
by ChrisCook - May 23
23 comments

$1,000,000,000,00
0 or what we must remember
by Metatone - May 19
69 comments

The balance of anger and fear
by Frank Schnittger - May 17
44 comments

Stable pricing is to metaphysics as variable pricing is to...
by Upstate NY - May 16
8 comments

A little American intercine battling
by rootless2 - May 14
27 comments

Another NRW election
by DoDo - May 13
118 comments

Bundesrat saves PV (and loses Röttgen)
by DoDo - May 12
18 comments

The mainstream German Magazine Spiegel asks, has the US mixed ...
by Democrats Ramshield - May 10
27 comments

Short Term Climate Forces: Black Carbon, Methane, and...
by gmoke - May 9

Twenty days of Crisis for Cameron
by ceebs - May 9
22 comments

SYRIZA and the Eurocrats: a letter of intent
by talos - May 9
363 comments

French Parliamentary Elections: a look under the hood
by Bernard - May 8
59 comments

Why haven't we had WWIII yet?
by Migeru - Apr 30
258 comments

More Diaries...

Occasional Series

Click for full list