Wednesday, Apr 15, 2009
Floyd Norris of the New York Times noted that Goldman Sachs used a more prosaic trick having nothing
Huffingtonpost.com: On Goldman Sachs Ditching December Both banks have used odd accounting tricks designed to obscure the truth of their status to investors.
ournalist Jonathan Weil, who helped uncover the Enron scandal, pointed out that much of the increase in Wells Fargo's earnings came from a new accounting term called 'Level 3' gains and its application to Wells Fargo's mortgage servicing portfolio. "So what are Level 3 gains?" asks Weil. "Pretty much whatever companies want them to be."
Posted by chris @ 08:47 PM (226 views) Add Comment
1 Comment
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1. mander said...
So much about OBAMA's electoral strong language against the banks. Creative accounts are allowed to become more creative under OBAMA now so what is it real anymore?