BofA, Citi Hid Billions of Dollars in Repo Debt From Investors, Report

Bank of America Corp. (BAC) and Citigroup Inc. (C) incorrectly hid from investors billions of dollars of their debt, similar to what Lehman Brothers (LEHMQ) did to obscure its level of risk, company documents show. In recent filings with regulators, the two big banks disclosed that over the past three years, they at times erroneously classified some short-term repurchase agreements, or “repos,” as sales when they should have been classified as borrowings – WSJ

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