Tyler Durden's picture

We wrote about this over the weekend, now here is the official "explanation"

  • German Finance Minister Wolfgang Schaeuble said EU55.5b ($76.7b) accounting error at FMS Wertmanagement, so-called bad bank for Hypo Real Estate Holding, due to balancing glitch that doesn’t require personal consequences from anybody.
  • Finance Ministry knew “with certainty” on Oct. 13 that accounting error had occurred after receiving notifications on Oct. 4, Schaeuble said at press conference in Berlin
  • Error is “annoying” because its magnitude can unsettle public

Uh....$55.5 billion.... GLITCH!!!???


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GeneMarchbanks's picture

Classic. Lunatics ... asylum.

Maybe this starts a new 'accounting' trend.

nope-1004's picture

We wouldn't want to "unsettle" the public, now would we?  After all, the public is our bailout lifeline.



bernorange's picture

I'm pretty F'n far from unsettled. /Marsellus Wallace

Darth..Putter's picture

No, these guys are chump change.  We've been doing mistakes in the Trillions for years.



Cdad's picture

Could be why the RIET trade has been looking sickly all morning.  Can't get a borrow on Simon Property group anymore.  Entering the distribution phase, to be sure.

citrine's picture

It's nice to know that meticulous Germany has finally become like us, isn't it? 

eurogold's picture

Sorry to break this to you......

The meticulous Germans made the mistake of trusting / letting Price Waterhouse + Cooper check and bless the original calculations before they issued the report to the German Finance Ministry.

Yes, the Germans are getting sloppy.

Quintus's picture

This is what happens when you deal in fantasy money.

When was the last time anyone accidentally found or lost $55 billion in gold?

Ancona's picture

Glitches Bitchez!

The comedy just keeps on 'comin!

Divided States of America's picture

I am going to my bank and requesting them to check my bank balance total, I think there's a glitch...I am missing a few '0's at the end.

bernorange's picture

At least we aren't being F'd by "fat fingers" this time.

NotApplicable's picture

Even better, it "doesn’t require personal consequences from anybody." No humans involved!

So, I guess a nuetrino passed through their super-computer and flipped a bit? Or was it Martians? Or ghosts?

Cognitive Dissonance's picture

$55 billion here, $55 billion there. Before you know it, we will be talking about "real" money.

Too freaking funny folks. Too freaking funny.

fyrebird's picture

Yes it is funny but I still can't fight this creeping feeling that we are all of us somehow -- well I can't really say -- but somehow fucking doomed to die starving and diseased in a gutter in some city we never heard of.

But I tend to have an over-active imagination. So maybe it's just me.

jayman21's picture

Take of the tin foil hat and you will feel so much better. 

Dr. Engali's picture

What's 55.5 bil amongst friends?

smiler03's picture

If my maths is right then it's only €670 per person, mere Volks feed.

jarboejl's picture

Mad cool points for this one.

oh_bama's picture

Not sure why but I personally feel it is really unimportant. WHy it is a BIG DEAL?


PERSONAL BK IS 20% LOWER IN US. That is more significant than the tiny accounting error.


uhb's picture

ah... the whole world is jealous because we germans have such a competent government <breaks out in tears>

Stack Trace's picture

Next up... accounting error in the U.S. Treasury and they find $13.3 Trillion.

LawsofPhysics's picture

Well that should do wonders for the CONfidence in paper.

pods's picture

No doubt they will be balancing their books on a daily basis from here on out.  
Problems solved.  55 billion per day.  Better than the Mandrake Mechanism.


wang's picture
wang (not verified) Nov 2, 2011 11:46 AM



FMS Wertmanagement has returned liquidity guarantees of the Financial Market Stabilisation Fund SoFFin in the amount of EUR 47 bn. These guarantees were transferred to FMS Wertmanagement as part of the transfer of assets of the HRE group and were available for raising liquidity. The SoFFin-guaranteed issuances are replaced by separate issuances from FMS Wertmanagement. Following the transfer of assets on 1 October 2010 from HRE to FMS Wertmanagement, the opposing SoFFin-guaranteed securities issued by HRE for raising liquidity were transferred to FMS Wertmanagement at a total volume of around EUR 124 bn. Guarantees were returned from this already in October in the amount of EUR 23.5 bn. These guarantees were available for possible liquidity bottlenecks before and during the transaction. The remaining SoFFin guarantees for HRE issuances that are still with FMS Wertmanagement after the completion of above mentioned return, totalling EUR 53.48 bn, are to be gradually returned by no later than mid next year and replaced by FMS Wertmanagement issuances without SoFFin guarantees.


WTF was that


Tyler Durden's picture

Only off by about a year

tmosley's picture

Wrong.  If there were a link, autism rates would be going down, as childhood vaccinations no longer contain mercury, and havn't for 8 years now.  Autism rates instead continue to rise.

Christ, if an ignorant celebrity says it, it must be true, right?

Hephasteus's picture

And it is true. It requires a certain gene in your ability to remove heavy metals from your body that is linked to the krebs cycle.  It just depends on your genetic makeup. Some people can get inundated with heavy metals an it causes little problems. Other's it's a death sentence.

So are vacinnes safe? Relatively for some people.

Still doesn't make the flu shot anything more than a stupid fucking joke of zero percent efficacy medicine.

And by the way I learned this from a medical astrologer who had to research it in debth for 5 years before finally finding out what the fuck was going on. Who was kinda of highly motivated because her child has the bad gene and it messed her up big time.

So once again everybody is right and everybody is wrong just depends on where you are in the granularity focus of it.

MobBarley's picture

But alumina squalene complexes that induce hysterical immune responses have psychopharmacological value.

Besides, you underestimate the erotic value of needle punctures.


pods's picture

I agree with the mercury-autism link.  It is bigger than that.  The dose schedule and overlapping shots, immune response generated, etc are all far greater contributors.  

My greater concern is the use of adjuvants, and in general how dirty vaccines are, along with the sheer volume of antigens, adjuvants, and poor nutrition in general.  

Oh, along with NO efficacy studies other than broad after the fact population studies.

Every other drug must prove efficacy, but vaccines have such magical qualities that cannot be assessed by man.


AldoHux_IV's picture

Their TBAC must be mathier than ours or at least cut from the same banks that use accounting errors as if they were EPS bangers.

YesWeKahn's picture

Remember that Bernanke's folks didn't know where 0.5 trillion $ went? 54 billion is only a fraction.

misterc's picture

The bookcookers from PriceWaterhouseCoopers (Germany) who testified this will face a regulatory investigation for sure. You can bet the farm on that. Germany shows tough love on the subject of bookcooking.
I'm pretty sure a few of them will get the sack.

eurogold's picture

Price Waterhouse+Coopers - soon to be banned from doing business in Europe! I love it!

thecoloredsky's picture

fraction of penny rounding errors over time? Sort of like Superman 3

blindman's picture

Tuesday, November 1, 2011
We Are On the Edge of World War III - Lyndon LaRouche
A Warning by Lyndon LaRouche : we Are On the Edge of World War III - A speech by Lyndon LaRouche about the British Empire (Wallstreet and Lombardstreet) and a soon coming WW III! mixed with own Impressions. A serious charge against the banksters and their "evil Empire"! unfortunately this means that more than likely, humanity is about to learn once again some very harsh lessons that only suffering immensely illustrate. WW in this age will mean Billions die and suffer unimaginable horrors. On Saturday morning Lyndon LaRouche discussed the threat of a British-sponsored World War III, stating that the Middle East is the new Balkans; the trigger point has been carefully set up, and as the fuse is burning down on the financial resources to carry out that operation, the time for that operation to be launched, or defeated, is now.This is bad, bad stuff; I pray that cooler heads and that God prevail. ? As a 2nd front, like the invasion of Sicily which took Germany's attention off of Kursk; Pakistan can easily cut the US supply lines and perform a pincer movement to cut-off 200K US troops up in that hellhole Afghanistan, a modern day Stalingrad, the grave of the German 6th Army, possibly the grave of the USA.
now back to your regular programming.

Schmuck Raker's picture

This country just does not fully appreciate how vital Lyndon Larou

Hey look! Tabasco in 1 gallon jugs!

4 wheel drift's picture

I pray that cooler heads and that God prevail. ?


that sounds like an oxymoron.......

did i ever mentioned that i have a friend who lives amongst the clouds in the sky and talks to me ? i usually don't mention it because i run the risk of being put in a straight jacket and taken to the nut house....  strangely, when one reads about religion, you have all these snake oil salesmen (aka priests) promoting and indeed giving sermons about this idiocy....


besides....    WWIII is a given.....   the holocaust of the arseholes is coming


take it to the bank


A Man without Qualities's picture

The Germans sure sold a lot of CDS given that they don't seem to understand how it works...

uhb's picture

Why not ? As long as you make sure they are never triggered, no-matter-what, because its all voluntary , harhar

uhb's picture

Why not ? As long as you make sure they are never triggered, no-matter-what, because its all voluntary , harhar

GoinFawr's picture

Balancing glitch? Did these goats have a hoof in designing the acct. software?


Every time an auditor sneaks up on 'em...

lotusblue's picture

Scary,incompetant,fraudulent,fictional,delusional.A lucky find.

Tsar Pointless's picture

Hey - if we're lucky, we might just find that missing $2.3 trillion from the Pentagon to which former Secretary of Defense Donald Rumsfeld alluded on September 10, 2001.


junkyardjack's picture

They can print that back up in less than a second