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  "documentTitle": "Lehman Brothers (LEH)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2008-05-21 00:00:00",
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  "notes": "The slide uses a table to expose a contradiction in financial reporting, specifically questioning the valuation of Level 3 assets.",
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      "text": "Others have asked Lehman about the large write-up in Level 3 corporate equities. It is hard to imagine, without a clear explanation, how an $8.4 billion portfolio gained $722 million during a period when the S&P fell 10%.",
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      "text": "However, they could not provide another plausible explanation. Instead, they said they would review the piece of paper Ms. Callan used on the call and compare it to the 10-Q and get back to me.",
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      "text": "I asked Lehman, 'My point blank question is: Did you write-up the Level 3 assets by over a billion dollars sometime between the press release and the filing of the 10-Q?' They responded, 'No, absolutely not!'",
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      "text": "I want to concentrate on the $228 million of realized and unrealized gains Lehman recognized in the quarter on its Level 3 assets. There is a $1.1 billion discrepancy between what Ms. Callan said on the conference call – an $875 million loss – and the table in the 10-Q, which shows a $228 million gain.",
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      "text": "When I asked them about this, Lehman said that between the conference call and the 10-Q they did a detailed analysis and found, 'the facts were a little different.'",
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      "text": "Table showing asset movements for Mortgage & ABS, Corp Debt & Other, Corporate Equities, and Derivatives.",
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      "text": "Table 3 - Level 3 Asset Movements in 1Q",
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