More value adjustments on own debt

This time from Credit Suisse who booked a loss vecause of narrowin margins on own debt.

Results include net fair value charges of CHF 1.1 billion (before tax) resulting from improving credit spreads on Credit Suisse debt, charges of CHF 0.5 billion (before tax) relating to the settlement with Huntsman Corporation and a discrete tax benefit of CHF 0.4 billion. Excluding these items, after-tax net income would have been CHF 2.5 billion and return on equity 27.4%, both substantially higher vs. 1Q09.

The cute bit is that it was indeed a higher figure than in 1Q09, when Credit Suisse reported a profit of just over CHF 2.0 billion, only that time they were a bit more coy about the fact that that numbe was propped up by CHF 350 million of fair value gains. Like I said, they are more openly dismissive of the loss that then were transparent about the previous corresponding gain.