"Those helpful sea creaturesat Goldman Sachs have called 36 banks to see if any of them were treating CDS protection sold in the same way that Erste Group was.
To recap, Erste announced a number of extraordinary charges on Monday, one of which acknowledged that their accounting treatment for CDS was.. err.. wrong. An admission that rightly led the analysts at Goldman to question, “who else might be making the same mistake?”..."
at http://ftalphaville.ft.com/blog/2011/10/12/700401/erstes-fumble-and-where-else-to-hide-sovereign-marks/
To recap, Erste announced a number of extraordinary charges on Monday, one of which acknowledged that their accounting treatment for CDS was.. err.. wrong. An admission that rightly led the analysts at Goldman to question, “who else might be making the same mistake?”..."
at http://ftalphaville.ft.com/blog/2011/10/12/700401/erstes-fumble-and-where-else-to-hide-sovereign-marks/
