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Morgan Stanley's Turn At Dodgy Accounting

Looks like they pulled a Goldman and left December out of their first-quarter results. Why December? Mighta had something to do with a massive loss that month. Per the Journal: "For December, Morgan Stanley lost $1.3 billion, a result that wasn't included in its first-quarter earnings because the company changed its reporting period."

On the other hand, as Krugman points out, they got sliced by the other end of that double-edged sword Citi wielded, so maybe there's some justice in the world after all.

--Noam Scheiber