Merrill reveals $43.1 billion mis-statement

A book-keeping mistake led Merrill Lynch to overestimate cashflows from its derivatives business by $43.1 billion over the past three years, the bank has revealed.

In a filing with the US Securities and Exchange Commission, Merrill Lynch said it had been overstating cashflows - both received from derivatives financing and used for trading liabilities - associated with its derivatives business since 2005.

Although it plans to restate its accounts, the mistakes will have no effect on revenues

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