BUSINESS
06/09/2010 05:12 am ET | Updated May 25, 2011

Wall Street Banks Hide Risk Levels By Artificially Lowering Debt At Quarter End: WSJ

The WSJ reports that according to new NY Fed data:

"A group of 18 banks -- which includes Goldman Sachs Group Inc., Morgan Stanley, J.P. Morgan Chase & Co., Bank of America Corp. and Citigroup Inc.-- understated the debt levels used to fund securities trades by lowering them an average of 42% at the end of each of the past five quarterly periods, the data show. The banks, which publicly release debt data each quarter, then boosted the debt levels in the middle of successive quarters."

Read more on wsj.com