Banks Masked Risk Levels - WSJ (GS, MS, JPM, BAC, C)

A report in the Wall Street Journal, citing data from the Federal Reserve Bank of New York, said many banks masked their risk levels over the past five quarter by temporarily lowering their debt just before reporting it to the public.

18 banks, including Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS), JP Morgan (NYSE: JPM), Bank of America (NYSE: BAC) and Citigroup (NYSE: C), understated the debt levels used to fund securities trades by lowering them an average of 42% at the end the quarter.

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