Morgan Stanley Follows Goldman’s Lead And “Skips” Reporting December Losses

Goldman Sachs posted a profitable quarter by skipping December, during which it realized huge losses.

Now Morgan Stanley is doing the same thing.

Specifically, Morgan’s first quarter results report states:

As a result of the change in the Company’s fiscal year end from November 30th to December 31st, the Company had a December 2008 fiscal month transition period. The results for this period, which reflected a net loss applicable to Morgan Stanley of $1.3 billion, are presented on page 19 of the financial supplement accompanying this release.

Presto, Morgan’s performance massaged to look better than it really was.

This entry was posted in General. Bookmark the permalink.