For example, Morgan Stanley reports commercial-mortgageexposurebeforeandafter the effect ofoffsetting transactions, or hedges, whileBear, Goldmanand Lehman don't.
Like Mr Kerviel, who used his knowledge of the bank's plumbing to create fictitious trades to cover his tracks, Mr Adoboli is alleged by sources close to an internal investigation of the affair to have bet the bank's money on the future price of various stock indices and to have then hidden these moves by creating offsetting fake transactions.