If they’re trying to make a mockery of the US system of regulations and reporting, they’re doing a great job. Believe the books at your own risk. Financial Times:
Goldman Sachs has revealed details of about $5 billion in investment losses suffered during the crisis for the first time this week, in a move that will deepen the debate over companies’ financial disclosures.
The figures, issued as part of internal reforms aimed at silencing Goldman’s critics, show that the bank suffered $13.5 billion in losses from “investing and lending” with its own funds in 2008.
But Goldman’s regulatory filings and its executives’ comments to investors at the time pointed to about $8.5 billion of losses arising from its investments in debt and equity, as markets were rocked by the turmoil.