A Black Hole In The Balance Sheet

When Procter & Gamble Co. announced in April that it would take a $102 million charge for losses on complex derivatives contracts, P&g officials admitted they didn't really understand what they had gotten into. But it's a sure bet that no one was more surprised than investors holding stock in the Cincin-nati company. They had seen only scant mention in the company's financial statements that it was involved with derivatives.

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