Friday, June 28, 2002

UPDATE: Ok. So it's not $2 billion, it's $6 billion that Xerox needs to reclassify. And it turns out they didn't really lose it, they just counted it too fast. Xerox leases a copier to a business for $1000 a month for 48 months and books $48,000 in revenue right away. That's not GAAP. But the money is all there. Actually, after they restate their previous earnings they'll be able to move some $$$'s forward to future earnings.

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