Book-keeping scam

A FEW weeks ago, two Republican House members asked Ben Bernanke, the chairman of the Federal Reserve, whether the Fed knew — before Lehman’s bankruptcy examiner revealed it — about the bookkeeping scam at Lehman known as “Repo 105.”

Well, the truth is this: The collapse of Enron back in 2001 revealed that the biggest financial institutions, here and abroad,were busy creating products whose sole purpose was to help companies magically transform their debt into capital or revenue ...

http://www.nytimes.com/2010/04/04/opinion/04koniak.html?pagewanted=all