Wow. Just Wow.‏

This is one reason why I don’t trust company reports. An oldie but a goodie from the WSJ 16 July 2010 – Citi “mis-classified” $9.2 billion. As Rick Perry said, “Ooops” . 

Citigroup Inc. for the first time has publicly detailed one way it dressed up its balance sheet and incorrectly hid risk from the public.
In a filing made public Thursday, Citigroup explained how it made an accounting mistake that hid billions of dollars in debt from investors by misclassifying certain short-term trades as “sales” when they should have been classified as borrowings.
Citi had acknowledged in a securities filing in May that it had misclassified as much as $9.2 billion of short-term repurchase agreements, or “repos,” at times over the past three years, but it had provided few details.

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