Dynegy Excuse Me Restates

Dynegy (DYN) announced early this morning that it will need to restate its Q1 numbers. But do not worry the net profit will not change. You see due to a calculation error power purchases were presented on a gross basis. So both revenues and costs were overstated by some $229 million.

OK let’s think about that one a little bit. $229 million but we are still OK. Maybe it will be OK when it all comes out in the wash. But you have to know that a near miss like that has a credibility issue attached to it. What else can you trust or not trust from this company.