Lawyers for Lehman’s chief executive Dick Fuld say he had nothing to do with the ‘repo 105’ transactions used to hide the bank’s losses.
Lehman Brothers’ chief executive Dick Fuld’s lawyers say he did not structure or negotiate the banks’ so-called ‘Repo 105’ transactions, which were used to be create a ‘materially misleading picture of the firm’s financial condition’ in 2007 – 2008, nor was he aware of their accounting treatment.
This was the claim from Patricia Hynes of Fuld’s legal team at Allen & Overy, who added that Fuld “throughout his career faithfully and diligently worked in the interests of Lehman and its stakeholders" in a statement to the Guardian<...
About Gina Dyer
I've been a journalist for four years, writing on a wide variety of topics from business and finance to travel, culture and celebrities. I began my career as an editorial assistant for Palladian Publications, a B2B publisher specialising in technical magazines for professionals in primary industries. I later moved into consumer magazines as a staff writer for French Magazine, a monthly travel publication aimed at Francophiles, and was part of the launch team for The Traveller in France, a quarterly magazine produced for the French tourist board. I was also a regular contributor to online travel portal Homesworldwide.co.uk, and later worked with customer publishers Future Plus as a freelance production editor, before joining Sift Media in January 2009. I am currently Deputy Editor of AccountingWEB.co.uk.