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.