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Non-Tech : Bill Wexler's Trading Cabana
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To: Kevin Podsiadlik who wrote (5316)4/14/2009 7:53:18 PM
From: Mark Marcellus1 Recommendation  Read Replies (1) of 6370
 
A fair point, and I agree with you, but I think the point made by the person who was quoted is a little different. Who cares what analyst's estimates were anyway? The fact is that by changing their fiscal calendar, Goldman was able to throw all of their write offs into a month that was ignored by the financial statements as well as the analysts (who could have been counted on to ignore one time write offs in any event). It made their headline look better and allowed them, even more than usual, to pretend that the bad stuff never happened.

I have no opinion on Goldman one way or the other, but when management focuses on cosmetic earnings issues such as this it makes me nervous. Some might want to argue that it was a coincidence that all these write offs got put into the "forgotten" month, but I'm not buying it.
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