Former Lehman Exec: If You Think Repo 105 Is Bad, Just Imagine What Goldman Sachs Is Doing

In the end, every story on Wall Street comes back to Goldman Sachs.

And so it is with the Repo 105 story uncovered by the Lehman bankruptcy examiner.

In Max Abelson’s column in the New York Observer, a trio of obnoxious bankers brush of the entire scandal as something only of interest to unsophisticated people. But you know what they think is a big deal?

That’s right. Some unspecified financial chicanery at Goldman Sachs.

“If Valukas went into Goldman Sachs, what do you think the report would look like?” one of the executives asks Ableson, referring to the court-appointed examiner, Chicago attorney Anton Valukas. “This would be a fairy tale compared to that.”

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