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Because the Repo 105 deals took place in London, Lehman executives hid behind the legal blessing from a U.K. law firm to escape U.S. prosecution.

Because the Repo 105 deals took place in London, Lehman executives hid behind the legal blessing from a U.K. law firm to escape U.S. prosecution. Does legal make the transactions ethical?

What ethical duty did E&Y have as Lehmans auditor to go public with the intent of the Repo 105 transactions?

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