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Thursday trends are extraordinary and non-recurring

July 16, 2009

Our accounting teacher used to say we paid too much attention to the income statement and not enough to the cash flow statement and balance sheet. Lies! Today's trend shows the opposite is clearly true... I confess - if you view "cash flow statement" instead of "cash flow" you get a very different result. That […]

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The hits just keep on coming: Citigroup earnings

April 17, 2009

The accounting alchemy Citi used this morning to report a "profit" is being much more widely reported than Goldman's Decembrist revolt, but I want to address it nonetheless. On the surface, Citi reported a profit of $1.6B.  Unfortunately, by the time that trickled down to common shareholders there was only -$966M left, a loss of […]

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Goldman Sachs loses a month and $1B

April 14, 2009

Goldman Sachs announced stellar earnings last night of $1.8 billion, or $3.39/share.  The expected number was a mere $1.64/share, which GS more than doubled. The press went crazy, although the reported earnings were in line with the whisper.  Goldman used the positive momentum to push through a $5B equity offering, the proceeds of which will […]

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A FAS157 by any other name...

March 12, 2009

To suspend MTM is to enable fraudulent accounting.

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