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Assume that Lehman's accounting for the Repo 105 transactions met the requirements of GAAP. However, also assume that the entire purpose of the transaction was

Assume that Lehman's accounting for the Repo 105 transactions met the requirements of GAAP. However, also assume that the entire purpose of the transaction was to intentionally manage the amount of debt shown on the balance sheet. Do you agree with Lehman Brothers and EY that the financial statements are presented fairly in that situation?

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