, Columnist
Big Citigroup Loss Hides in Plain Sight
Because of U.S. accounting rules, Citigroup is allowed to say that losses embedded in its balance sheet don't show up in its income statement.Â
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Citigroup Inc. shares today fell the most in seven months after an article by Bloomberg News put a spotlight on a part of the bank's financial statements that usually gets little attention.
Tucked near the bottom of Citigroup'sbalance sheetare $17.1 billion of paper losses that very much count, except for one place where they don't: The bank's net income.