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"In both the U.S. and Europe, the budget and balance sheet numbers do not work," the letter said.
How could they possibly have up-to-date balance sheet and off balance sheet numbers?
The balance sheet numbers are shown below and in the appendix.
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Balance sheets turn respectable.
In five cases (M1, balance sheet total, number of banks, and two interest rates), the unit root hypothesis cannot be rejected at the 5% level and the stationarity hypothesis is always rejected at the 5% level.
"I am very proud of what we accomplished in 2010 as we began the year with a significant restructuring of AOL and ended the year with a significantly improved balance sheet, a number of exciting new products and a new culture focused on winning.
In this section, we show the annual data for our analysis and provide the unit root analysis for the Swiss money stock M1, nominal income (GDP), price level (CPI), bank balance sheet total, number of banks, the savings interest rate, and the interest rate on mortgages, the only bank credit interest rate which is available for the nineteenth century.
In my last column, I wrote about how many bad residential mortgage loans the big banks had on their balance sheets, using numbers from a site called Bankregdata.com, which does the punishing work of wading through regulatory filings known as call reports and aggregating the data.
But those companies carry big hard assets on their balance sheets, huge numbers of employees and relatively thin profit margins.
The Williams Companies said the $750 million "was factored into the earnings, balance sheet and liquidity numbers that have been reported in filings".
"The balance sheet has a number of resources that can be used to create operational success," Mr. Frohnhoefer said.
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CEO of Professional Science Editing for Scientists @ prosciediting.com