Bank of America Corp. admitted to making six transactions that incorrectly hid from view billions of dollars of debt, following a bid to cut the size of a unit's balance sheet and meet internal financial targets.
The disclosure, made in a letter to the Securities and Exchange Commission, comes as the agency prepares to unveil the results of an inquiry into banks' accounting for borrowing deals known as repurchase agreements, or "repos."
Sunday, July 11, 2010
BofA Admits Hiding Debt : Details Come as SEC Is Set to Unveil Review of Wall Street 'Window Dressing'
The Wall Street Journal reports:
