Sub-prime off balance sheet hidey hole found

Techdirt reports that a Georgia man was notified that he had a negative balance of $211 trillion at his Wachovia bank account.

So that's where all the off-balance messes have been hidden away until now. I reckon he should agree to buy the back at 27cents on the dollar and pocket the profit.

Confess you have to wonder how it was that nobody in accounts/financial control had spotted that the trial balance and balance sheet numbers had gotten quite large at Wachovia.


posted by John Wilson @ 12:09 PM Permanent Link newsvine reddit


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