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The second part -- the SEC\'s apparent conclusion that the Repo 105 shenanigans weren\'t actionable fraud because they didn\'t cause Lehman\'s collapse and weren\'t material to investors -- is more interesting. It\'s debatable, for one thing; Lehman\'s bankruptcy examiner certainly thought that Lehman\'s artificial deleveraging via Repo 105 was material.***** But you can understand the SEC\'s view: Lehman\'s problems were not really about its poorly disclosed shady financing of certain mostly low-risk and liquid investments.****** Lehman\'s problems were rather the traditional ones: short-term financing of long-term investments, which required Lehman to retain the confidence of the markets, coupled with bad decisions about those long-term investments that caused Lehman to lose that confidence.
