2012-03-04rollingstone.com

``Trainer in an earlier column urged investors to dump Bank of America for a number of reasons, but mostly because he had reservations about some of the numbers in the bank's most recent SEC filing. According to him, the bank aggressively exploited a new accounting rule called SFAS no. 159, which allows companies to enables banks to "arti­fi­cially boost earn­ings when the value of their own debt declines." In other words, BAC was able to artificially re-state earnings when its own credit quality went into the tank.''


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