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Citigroup?s Earnings: More Fuzzy Math 1 Citation In reviewing bank earnings this week, I truly get the sense with a number of institutions that they determine just how much they want or need to outperform analyst expectations and then they figure out how to ?manage? the books in order to get there. This ?managed earnings? process can be played for an extended period, but ultimately the earnings - or more importantly ?hidden losses? - come out in the wash. Citigroup played this game yesterday. The NY Times reports, After Year of Losses,, technorati.com
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Citigroup?s Earnings: More Fuzzy Math 1 Citation In reviewing bank earnings this week, I truly get the sense with a number of institutions that they determine just how much they want or need to outperform analyst expectations and then they figure out how to ?manage? the books in order to get there. This ?managed earnings? process can be played for an extended period, but ultimately the earnings - or more importantly ?hidden losses? - come out in the wash. Citigroup played this game yesterday. The NY Times reports, After Year of Losses,, technorati.com
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1 Citation Financial statements are prepared in conformity with standards that have been established over the years called generally accepted accounting principles (GAAP). Rarely, if ever, would you come across financial statements of a business prepared according to accounting methods other than GAAP. The minor exceptions to this general comment are not worth mentioning. (Financial statements of non-profit organizations and government entities follow somewhat different accounting principles and practices), technorati.com
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