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The charge, which is not a cash item, resulted from marking-to-market the prices of debt the company itself had issued.
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But as the price of debt fell, that pattern became increasingly common.
Cut-price borrowing has fuelled a multitude of booms; and as the price of debt rises, investors everywhere are vulnerable.
They lent $76 billion in the first week of January alone, and their behavior is more sensitive to balance sheet capacity than changes in the marginal price of debt.
The announcement of the bailout failed to settle bond markets, which bid up the price of debt in countries perceived to be in budget trouble, like Portugal and Spain.
When the market price of debt falls, liabilities are reduced from an accounting perspective, allowing the company to recognize a profit.
As Jim Reid, a strategist at Deutsche Bank, comments: "The problem we face is that the US tends to set the price of debt everywhere".
The sloppiness was immediately obvious from the way they highlighted slow US growth in the late 1940s as an illustration of the price of debt overhang, somehow missing the point about postwar demobilization.
Building new rail links and roads or other large job-creating projects would do more to promote growth than lowering the price of debt, as the Fed is doing.
With their departure went the willingness of the top leadership to endure the brutal volatility of market-oriented systems, and that, in turn, weakened the push for a floating currency, independent pricing of debt and other securities and international access to China's capital markets.
Although Ireland has agreed to accept aid from its European partners and the International Monetary Fund — expected to be close to €100 billion, or $134 billion — the weakness of the Irish coalition government, along with wider worries that Europe might be required to bail out Portugal and perhaps Spain, is continuing to put pressure on the price of debt in countries considered vulnerable.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com