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

Fascinating stuff (4.00 / 3)

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

The brainless should not be in banking -- Willem Buiter

by Carrie (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 Carrie (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.

"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.

"The future is already here -- it's just not very evenly distributed" William Gibson

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)

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