Earnings Are Worse Without the Icing. Because the quality of earnings has declined so significantly, investors should view every profit report with some suspicion.

It always amazes me the kinds of things that some companies will put into their earnings reports.  It also amazes me that even though the income statement may be the thing that is easiest to manipulate, investors base most of their decisions off of it.  I guess it's not that big of a deal since the vast majority of Wall Street folks are honest, hard working people who have your best interest at heart ;)

via [New York Times: Business]

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There Is Life After Enron. Some of the world's biggest investment banks have recently taken steps to strengthen their electricity and natural gas trading operations. By Simon Romero. [New York Times: Business]
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