FCIC Investigates Use of Repo Accounting Maneuver

NEW YORK -- The head of a commission set up by Congress to examine the causes of the financial crisis said Monday that investigators are probing how pervasive accounting tricks are on Wall Street similar to what destroyed Lehman Brothers.

Phil Angelides, the former California state treasurer who is leading the 10-member Financial Crisis Inquiry Commission, or FCIC, said the panel is "poring through" a 2,200-page report by a court-appointed examiner into Lehman's downfall. He specifically wants to know if an accounting maneuver known as Repo 105, which temporarily removed $50 billion of troubled assets from ...

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