You wonder why bank BOA is getting trashed look at this for a...

You wonder why bank BOA is getting trashed look at this for a piece of accounting nonsense. Who really knows what the balance sheets of these banks really is.


B. of A. booked $2.2 bln gain on fall in Merrill debt

By Greg Morcroft
Last update: 8:06 a.m. EDT April 20, 2009Comments: 11
NEW YORK (MarketWatch) -- Bank of America (BAC:bank of

4:00pm 04/17/2009

BAC 10.82, +0.48, +4.6%) said on Monday that it booked a gain of $2.2 billion in the first quarter based on the declining value of debt issued by its recently-acquired Merrill Lynch unit. As the price of a certain class of Merrill structured notes fell during the quarter, Bank of America was able to book the amount of that decline as a gain, on the assumption that it could buy back the debt at the cheaper price




You have to laugh!

http://www.marketwatch.com/news/story/B-A-booked-22-bln/story.aspx?guid=%7B205F5FCA%2D8F32%2D4F7C%2DAAB9%2D5A418190A3D2%7D&dist=hplatest