http://blogs.reuters.com/felix-salmon/2010/01/20/counterparties-81/ A slice of lime in the soda Sat, 18 May 2013 18:11:35 +0000 hourly 1 http://wordpress.org/?v=3.4.2 http://blogs.reuters.com/felix-salmon/2010/01/20/counterparties-81/comment-page-1/#comment-11302 najdorf Wed, 20 Jan 2010 18:00:25 +0000 http://blogs.reuters.com/felix-salmon/2010/01/20/counterparties-81/#comment-11302 JPM sometimes uses "managed revenues" too. As far as I can tell it means "made-up non-GAAP revenues". It's fine with me if you want to use non-GAAP numbers for your own information, or if you want to lobby for GAAP improvements, or even if you want to disclose supplemental information and explain how you derived it. But this line is a particular example of how if you read most large bank disclosures you will have almost no idea how much money they made or how they made it. So it goes. JPM sometimes uses “managed revenues” too. As far as I can tell it means “made-up non-GAAP revenues”. It’s fine with me if you want to use non-GAAP numbers for your own information, or if you want to lobby for GAAP improvements, or even if you want to disclose supplemental information and explain how you derived it. But this line is a particular example of how if you read most large bank disclosures you will have almost no idea how much money they made or how they made it. So it goes.

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