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You, Lehman’s Re-Po Magic, and Ernst & Young

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  1. Though it isn’t fair to demand E&Y’s head on a stick because of this, it is the auditors job to find bizarre accounting tactics if not outright fraud. If this isn’t a perfect example of a dash of both, I’m not sure what is.

    And hey, what if E&Y auditors failed to catch the fraud AND PwC failed to notice it when they decoded Lehman’s accounting in the bankruptcy?

    Ooooh, burn.

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