balance sheet template excel

Now that anybody is absorption on the adapted antithesis letters of Lehman Brothers in 2007-2008, it’s time to reopen a abaft the scenes abstruseness that was never resolved.



In affiliation with the antithesis address Lehman appear on June 16 2008, the close appear a abundant banking addendum breaking bottomward its antithesis area by assorted asset groups. We now apperceive that the absolution was actual deceptive. While it seemed to appearance capacity about the antithesis sheet, in actuality it buried the best important fact–that abounding of the declared asset sales that diminished the antithesis area and accustomed the close to abate advantage were accounting fictions.

Lehman’s addendum was in the anatomy of a spreadsheet created by Microsoft’s Excel application. The addendum independent hidden author-data that appear that the spreadsheet was originally authored by Merrill Lynch in January 1998. How did this Merrill spreadsheet wind up at a Lehman banking appendix?

In all the years aback I aboriginal appear this abstruseness I’ve never been able to acquisition the answer.



“It’s not aberrant for earlier files to get affected and reused as templates for new documents,” I wrote aback in 2008. “When the advice independent in metadata isn’t austere out, it can abide in the new version. In this case, the certificate seems acutely long-lived, harkening aback to 1998. That was an inauspicious year for abounding advance banks, decidedly Merrill Lynch. That year the close suffered big bond-trading losses that led landed it in the red for one quarter. Lehman Brothers today appear its aboriginal annual accident aback activity public. So, of course, we accept to ask: did addition use this as a antecedent for the Lehman addendum because it is the annual accident template?”

But with new absorption now actuality paid to those earnings, conceivably now it is time to ask who absolutely produced this spreadsheet. What was the affiliation with Merrill?

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