(New York Times) — The Securities and Exchange Commission is examining whether any of the 19 largest U.S. banks are using an accounting trick that a bankruptcy examiner has said led to the collapse of Lehman Brothers, SEC Chairman Mary Schapiro said Tuesday.
Ms. Schapiro testified at a congressional hearing that the SEC is scrutinizing Lehman’s use of the accounting move, known as Repo 105, that allowed it to mask its weakness before it failed.
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