Lehman Brothers'ın Repo Oyunu: REPO 105

Dünyanın en büyük yatırım bankalarından Lehman Brothers'ın 15 Eylül 2008 tarihinde iflas korumasına başvurmasından sonra Amerikan Mahkemesi tarafından atanan denetçi Anton Valukas'ın raporunda, Lehman'ın Repo 105 adını verdiği muhasebe oyunu açıklanmaktadır. Bu makalede söz konusu kavramın mekaniği ayrıntılı olarak tanıtılarak Lehman'ın bilançosunda net kaldıraç rasyosunu nasıl düşük gösterdiği ve ne tür avantajlar sağladığı açıklanmaya çalışılmaktadır. Ayrıca, Repo 105 ekseninde kurumsal yönetim ve ilkeye karşı kurala dayalı muhasebe sistemleri de tartışılmaktadır. Bu çalışmada yer alan görüşler salt yazara ait olup, görev yapmakta olduğu Bankacılık Düzenleme ve Denetleme Kurumu'nu hiç bir surette bağlamaz

Lehman Brothers: REPO 105 Case

Following the Lehman Brothers, one of the largest investment banks in the world, filing for bankruptcy protection on September 15, 2008, Anton Valukas who has been appointed as bankruptcy examiner by the American Court, explained the accounting tricks named as Repo 105 by Lehman Brothers in his report. In this paper, the mechanism of the related concept has been defined in detail and what kind of advantages occurred as a result of this action is explained briefly. Besides, accounting systems based on principle versus rules and corporate governance have been discussed within the context of Repo 105

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