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Tag >> Repo 105
Sep 28
2010

Securitization: don't take it for granted

Posted by dbedell in SIVsecuritizationRiskRepo 105EnronDealsasset backedarbitrageABS

dbedell

Securitization, at its most basic, is a sound financing technique. This is my basic tenet for today’s blog. With the ABS markets again beginning to pick up, spreads tightening and investor demand growing but supply still limited, it is time for a revisit of just what makes this market so important from a corporate perspective, and why it is way-past time for stakeholders to get it right in rebuilding the market.

I am not here to argue the validity of the regulatory arbitrage that drove the market to such great heights before the crisis. In fact, that is most definitely one of the things that should be addressed as the new world of securitization takes shape. What I am here to argue is the validity and soundness of securitization at its most basic, as a financing structure for corporates.

May 06
2010

Girls, girls, girls!

Posted by Ron F in Repo 105RegulationLehman Brothersfinancial statementsfinancial reportingfinancial crisisCPAsCareers/ManagementC-level executivesaccrual methodAccounting

Ron F

At the risk of setting off a corporate war between the sexes, I feel compelled to report the findings of a new study that shows women are more trustworthy than men in reporting companies' financial results.

Come to think of it, the findings are in line with the general impression I've gotten that the distaff sex is better than its counterpart at financial regulation.

Apr 29
2010

Goldman CFO denies dressing up bank’s balance sheet

Posted by Going Concern in Repo 105Goldman SachscomplianceCFObalance sheetAccounting

Going Concern

Submitted by Francine McKenna, republished from Going Concern, Accounting News for Accountants and CFOs.

I watched all 11 hours yesterday of the Goldman Sachs testimony to the Senate Permanent Committee on Investigations.

I never expected anyone to mention the auditors and I was not disappointed. You may think, given my criticism of the auditors, that I would be cheering on the side of the inquisitors, ready to burn the smarty-pants, smug, supercilious Goldman "banksters" at the stake.

Well... you would be wrong.

Apr 21
2010

Shedding no further light on Lehman

Posted by Ron F in Securities and Exchange CommissionRiskRepo 105RegulationNew York FedLehman BrothersGeithnerGAAPfinancial crisisFederal ReserveFedCongresscomplianceBernankeBarney FrankBanksbank failuresbailoutsAccounting

Ron F

I have to say that today's House Financial Services Committee hearing into Lehman Brothers' collapse leaves me confused in more than one respect.

Ben Bernanke told the committee that regulatory authority over Lehman rested with the Securities and Exchange Commission under a voluntary program set up in 2004.

Apr 09
2010

Banks' balance sheet maneuvers aren't limited to Lehman-like moves

Posted by Ron F in RiskRepo 105RegulationLehman BrothersGoldman SachsdebtcomplianceBanksbanking industryBankingAccounting

Ron F

This article on the balance sheet maneuvers of 18 banks obscures the difference between risk taking and accounting for it.

For starters, the findings don't show that banks are moving a lot of debt off their balance sheets a few days before quarter's end, and moving it back on afterward, the way Lehman Brothers did through short-term financing arrangements involving repurchase agreements treated as "sales."

Mar 30
2010

Don’t worry: SEC is all over this Repo 105 stuff

Posted by MQuinn in secRepo 105RegulationLehman BrotherscomplianceCFOsBankingAccounting

MQuinn

The CFOs at 24 large financial institutions can expect a nice little treat in the mail sometime soon from the Securities and Exchange Commission: a letter asking them for detailed information about their use of repurchase agreements and their accounting and disclosure of these transactions, Reuters reported.

The inquiry, of course, is in response to the now infamous "Repo 105" transactions uncovered at Lehman Brothers by its bankruptcy examiner, which allowed the bank to move as much as $50 billion off its balance sheet just before reporting earnings and to move them back on later.

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