As mentioned earlier this morning, Dick Fuld thought last week's report on his firm's bankruptcy was phenomenal, as it, in Dick's mind, cleared him of any real wrongdoing because Repo 105 is completely legit. Others have now had a chance to weigh in and the consensus? The whole thing was a real gas. At least one former employee of the firm is finding some much needed comedic relief in this whole thing.
“When I read this, I giggle a little bit. Because $50 billion is a shitload of money, but in the grand scheme of things,” said a former managing director in England—where the accounting gimmick, named Repo 105, was given a legal endorsement that it couldn’t get here, “$50 billion is a drop in the ocean.”
Once Chuckles got a second to catch his breath, he wanted to get one thing straight. He's not laughing with you, he's laughing at you.
The former managing director in London said that Repo 105 was an open secret there, if it was a secret at all. “Yeah, yeah, yeah. In Europe, people just generically talk about it. It’s funny, for nonprofessionals, you can try to make it a smoking gun,” the source said, “I’m like, whatever.”
It's such a NBD that I don't even know why we're talking about it. But while we're on the subject? If you thought Lehman was bad? Maybe you should stick your nose in Goldman's business. That shit will haunt your dreams. It's like Saw over there.
“If Valukas went into Goldman Sachs, what do you think the report would look like?” another former exec asked, referring to the court-appointed examiner, Chicago attorney Anton Valukas. “This would be a fairy tale compared to that.”
The Repo Men's New Lehman Shrug [NYO via DI]
