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The settlements last week involve complaints contending that Lehman provided misleading information about its financial condition in the year before its collapse, most importantly involving the so-called Repo 105 transactions that temporarily shifted liabilities off of its balance sheet.
Lloyd's ran up $15 billion in losses over five years until it admitted corporate members in 1994 and shifted liabilities to a special bailout vehicle called Equitas.
In order to look like it could borrow $30 for every dollar of its own money, Lehman shifted liabilities off its books at the end of each quarter.
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Although production of the maps ceased in 2003 after a new city law shifted liability in most sidewalk-injury cases to the adjacent property owners, the maps are still being used in thousands of lawsuits that predate the change.
It's now been one year since the U.S. shifted liability for card-related fraud from card issuers to merchants, which prompted the widespread adoption of EMV.
After a two-day strike in September against General Motors by the United Auto Workers, GM reached an agreement on a new contract with the UAW in which the company would shift liabilities for UAW-retiree health care into an independent trust.
"If the city put as much energy into inspecting the jobs properly as they do into rallying the support of the press and shifting liability off themselves, perhaps we wouldn't be here today," Mr. Steiner said on Wednesday outside the courtroom.
He said that the agency was closely examining other companies that have shifted their liabilities off their books and that he believed that corporate executives ought to face "personal exposure" for violating disclosure rules.
It is possible that these overseas banks have shifted their liabilities overseas, to avoid the tax - though officials don't think that's what happened.
The NYSE also recommends that companies publish corporate-governance guidelines, setting out, among other things, how they will evaluate the board and the chief executive on a regular basis.Enron was brought down by the shifting of liabilities to off-balance-sheet "special purpose vehicles" whose existence was not disclosed to investors.
Third, such shifting debt liabilities have been accompanied by a switch in types of risk exposure.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com