There is an interesting excerpt on the apparent use of repo transactions to bolster Lehman's balance sheet:
... former Global Financial Controller Martin ... Kelly believed “that the only purpose or motive for the transactions was reduction in balance sheet”; felt that “there was no substance to the transactions”; ... In addition to its material omissions, Lehman affirmatively misrepresented in its financial statements that the firm treated all repo transactions as financing transactions – i.e., not sales – for financial reporting purposes.From Reuters: Examiner sees accounting gimmicks in Lehman demise
And from the WSJ: Examiner: Lehman Torpedoed Lehman and How Lehman Allegedly Manipulated Its Balance Sheet