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Smoke, mirrors and financial accounting

22 April 2009 Be the first to comment

Paul Penrose

Head of Research

Finextra

How did the basket-cases of the US banking industry manage to post such, relatively, healthy results?

It's all done by sleight of hand, as Dealbook helpfully explains.

I particularly liked Goldman Sachs' stunt of simply eliminating a bad month from its quarterly report. That's financial genius at work.

Are US banking executives so schooled in the art of deception that they can no longer distinguish fact from fiction or right from wrong? Or is the honest-to-goodness truth just too awful to contemplate?

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The Finextra50 Financial Technology Index is a free-float value weighted index of the world's leading companies that provide technology-based products and services to the financial services industry. It was set at an indexed value of 100 at market close on Friday 4th May 2007. This is a community for discussing the index, its movements and wider M and A activity in the fintech world.

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Paul Penrose

Head of Research

Finextra

Member since

06 Oct 2006

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London

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