Wednesday, December 22, 2010
Ernst and Young Misused REPOs, Says Cuomo Lawsuit - Yahoo! NewsANALYSIS | Ernst and Young is one of America's Big Four account firms; REPO 105 is a legal accounting maneuver that helped Lehman Brothers look good to investors—right up until the financial firm collapsed in late 2008. Andrew Cuomo is New York Governor-elect and current Attorney General, recently occupied in investigating questionable accounting practices and corporate misdealing in the collapse of firms like Lehman Brothers. Ernst and Young, Andrew Cuomo, and REPO 105 are all joined in a lawsuit filed against the giant accounting firm.