Friday, March 07, 2008

Bank Invents Time Machine For Losses

The New York Times reports that French bank Société Générale has put their 6.4 billion euro losses behind them, so to speak, by claiming that they occurred in 2007:

In moving the loss from 2008 — when it actually occurred — to 2007, Société Générale has created a furor in accounting circles and raised questions about whether international accounting standards can be consistently applied in the many countries around the world that are converting to the standards. -- The New York Times, March 7, 2008

In related news, though I lost money playing video poker last week, I am revising my statements to show that the events occurred when I was a small boy, and the experience helped
me get through the second grade. Once I perfect the technique, I plan to send my losses even further into the past, so that my distant ancestors can pay them off in goats and stone knives.

No comments: