[Moonman62]

In 2006, we paid about $690 million in federal tax on capital gains and that payment can only be fully recovered if capital losses of at least $1.98 billion are taken in 2009.”

Smoke and mirrors due to the tax code.

[Concho]

Which continues the old game of paper manipulation as opposed to actual cash gain or loss. “We thought we would make $X, but we didnt, so we are going to post the difference as a loss”.

We used to have to abide by GAAP, or Generally Acceptable Accounting Practices. Apparently, current society has found a way to put a spin on simple math.