Jackie Speier: “If the gentleman would yield, in the discussion today in the Financial Services Committee on Lehman's--now, mind you…”

“If the gentleman would yield, in the discussion today in the Financial Services Committee on Lehman's--now, mind you, this is an examiner who has been appointed by the court to go through 5 million e-mails and documents, and his report has been presented to the court and to Congress. It was just unbelievable. Repo 105s are short for what Lehman was doing. At the end of a quarter, they were selling off their liabilities to a third party, paying interest on it so that it looked like they were not leveraged as highly. Then, after the quarter was over, they were buying back those liabilities. Those are called repo 105s. Now, believe it or not, they did that over and over again, and the SEC knew about it and took no action.”