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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

If you already have an account, please sign in here.

Register

Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: