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SEC testimony on the Lehman Brothers examiner report

SEC Chair testimony summarizing the examiner's conclusions about Repo 105 transactions, temporary leverage reduction, and nondisclosure.

Authority and currency

About this authority

Publisher
U.S. Securities and Exchange Commission
Standing
Primary authority
Version
House Financial Services Committee testimony
Relevant parts
Discussion of examiner report and Repo 105 transactions
Currency
current · checked Aug 7, 2026

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Repo 105 is a period-end presentation and substance problem. The testimony reports that assets were temporarily removed and cash used to reduce liabilities near reporting dates. Students should compare the reported snapshot with the financing's reversal and ask what disclosure a leverage reader needed.