Links: 2009-04-19


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I am in Germany through Monday, so I have been reading a lot of German-language press recently.

  • Citigroup mit 1,6 Mrd. Fake Gewinn – egghat (German) Citi is using accounting tricks to goose earnings by taking an accounting gain from a loss in the value of their debt (ostensibly because they could buy the debt back and book the gain). Many have caught on to this and have discounted Citi’s earnings report. Apparently, Morgan Stanley will take a hit in the other direction because their debt has appreciated in value.

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