Goldman Sach’s Missing Month

by James & Miel on April 16, 2009 · 0 comments


Hi All,

Remember that glowing headline earlier this week – Goldman Sachs bank makes oodles of money?

Well, it turns out that the company decided to switch from a fiscal year to a calendar year when doing their accounting. This left an “orphan” month in their figures. Provided the month had been included, Goldman would have had to include a post-tax loss of $750 million to their figures.

In short, media reports may be overly rosy. They didn’t necesarily create as much wealth as is being portrayed.

Don’t believe me, check it out for yourself – here.

Best,

James

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