It was the largest collapse of a financial institution in history; Lehman Brothers filed for Chapter 11 bankruptcy protection on September 15, 2008. The use of certain repurchase transactions (Repo 105) played a major role in the balance sheet manipulation leading up to the bankruptcy filing. This course will use the Lehman collapse to illustrate how rules-based accounting (GAAP) can be easily manipulated and how management can knowingly shop for legal opinions in order to cover questionable transactions.