Tuesday, July 27, 2010

Bank Earnings and Accounting Eccentricities...

"UBS rises on the SIX Swiss Exchange, having gained as much as 7.6% shortly after markets opened.
The bank's bottom line included a CHF595 million gain due to a fall in the market value of its own debt, compared to a CHF1.21 billion charge a year earlier."
There go the accounting rules again...I really like that rule as your financial condition deteriorates you make money because you are short your own debt.
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