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Article: Repos and Securities Lending: the accounting arbitrage and their role in the global financial crisis

TitleRepos and Securities Lending: the accounting arbitrage and their role in the global financial crisis
Authors
Issue Date2011
PublisherOxford University Press. The Journal's web site is located at http://cmlj.oxfordjournals.org
Citation
Capital Markets Law Journal, 2011, v. 6 n. 1, p. 92-103 How to Cite?
AbstractKey points: Repos and securities lending have grown to become an essential part of the global financial system by providing, among other things, a vital means of liquidity and short-term financing. The recent Lehman Examiner’s report published on 11 March 2010 highlighted the use of repos to take advantage of accounting arbitrage and manipulate balance sheet results. Among other things, concerns have also been raised about the role of lawyers in this exercise. This article examines the legal and accounting treatments of repo and securities lending transactions, and how Lehman used repos to manipulate its balance sheet results. This article concludes by considering the role of lawyers in the scheme, and discusses whether additional responsibility should be imposed on lawyers in the quest to prevent a repeat of similar balance sheet manipulation.
Persistent Identifierhttp://hdl.handle.net/10722/196766
ISSN

 

DC FieldValueLanguage
dc.contributor.authorOng, TW-
dc.contributor.authorYeung, EYC-
dc.date.accessioned2014-04-29T03:19:58Z-
dc.date.available2014-04-29T03:19:58Z-
dc.date.issued2011-
dc.identifier.citationCapital Markets Law Journal, 2011, v. 6 n. 1, p. 92-103-
dc.identifier.issn1750-7219-
dc.identifier.urihttp://hdl.handle.net/10722/196766-
dc.description.abstractKey points: Repos and securities lending have grown to become an essential part of the global financial system by providing, among other things, a vital means of liquidity and short-term financing. The recent Lehman Examiner’s report published on 11 March 2010 highlighted the use of repos to take advantage of accounting arbitrage and manipulate balance sheet results. Among other things, concerns have also been raised about the role of lawyers in this exercise. This article examines the legal and accounting treatments of repo and securities lending transactions, and how Lehman used repos to manipulate its balance sheet results. This article concludes by considering the role of lawyers in the scheme, and discusses whether additional responsibility should be imposed on lawyers in the quest to prevent a repeat of similar balance sheet manipulation.-
dc.languageeng-
dc.publisherOxford University Press. The Journal's web site is located at http://cmlj.oxfordjournals.org-
dc.relation.ispartofCapital Markets Law Journal-
dc.rightsPre-print: Journal Title] ©: [year] [owner as specified on the article] Published by Oxford University Press [on behalf of xxxxxx]. All rights reserved. Pre-print (Once an article is published, preprint notice should be amended to): This is an electronic version of an article published in [include the complete citation information for the final version of the Article as published in the print edition of the Journal.] Post-print: This is a pre-copy-editing, author-produced PDF of an article accepted for publication in [insert journal title] following peer review. The definitive publisher-authenticated version [insert complete citation information here] is available online at: xxxxxxx [insert URL that the author will receive upon publication here].-
dc.titleRepos and Securities Lending: the accounting arbitrage and their role in the global financial crisisen_US
dc.typeArticleen_US
dc.identifier.emailOng, TW: ongk.hku@gmail.com-
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1093/cmlj/kmq030-
dc.identifier.volume6-
dc.identifier.issue1-
dc.identifier.spage92-
dc.identifier.epage103-
dc.publisher.placeUnited Kingdom-

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