Seeking Alpha: Bank Of America And The Gap Between GAAP And Reality

The basic idea behind accounting is that business owners ought to have some idea of figuring out how their businesses are doing, and that the standards applied should be relatively uniform and consistent. While GAAP accounting works well enough for the most part, it gets tricky with banks and nightmarish when applied to large, complicated money-center banks like Bank of America (BAC). Unfortunately, for all of management's claims about how strong Bank of America is, there are a lot of gaps left in this story.

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Bank Of America And The Gap Between GAAP And Reality