Lehman Brothers, whose 2008 bankruptcy was the biggest in U.S. history, frequently abused an accounting trick to artificially boost its financial health, according to a report unsealed Thursday by the bankruptcy court.
The tactic, called "Repo 105," would classify repurchase agreements as sales, even though the deals requires the bank to buy back the "sold" assets at a later date.
Following the release of the document, other major investment banks said they avoid the practice.
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