They claim it was an oversight, a miscalculation. Yea, and I have a bridge in Antarctica I am selling.
Bank of America Corp. and Citigroup Inc. incorrectly hid from investors billions of dollars of their debt, similar to what Lehman Brothers Holdings Inc. did to obscure its level of risk, company documents show.
In recent filings with regulators, the two big banks disclosed that over the past three years, they at times erroneously classified some short-term repurchase agreements, or “repos,” as sales when they should have been classified as borrowings. Though the classifications involved billions of dollars, they represented relatively small amounts for the banks.[…]
In my opinion this was no oversight, it was not a calculation error. This was REPO 105 all over again, the shuffling of money prior to earnings announcements.


