Comments on: Counterparties http://blogs.reuters.com/felix-salmon/2010/01/20/counterparties-81/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: najdorf http://blogs.reuters.com/felix-salmon/2010/01/20/counterparties-81/comment-page-1/#comment-11302 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.

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