A very recent example - but the other way around - is Credit Suisse which is going a paper accounting profit of $14bn in Q1, while also having basically gone ba

A very recent example - but the other way around - is Credit Suisse which is going a paper accounting profit of $14bn in Q1, while also having basically gone bankrupt. In addition UBS is also going to post a $53bn paper profit in Q2, without actually having “earned” any surplus money from acquiring Credit Suisse… Matt Levine goes into the gory detail: https://archive.is/0T1CG https://archive.is/0T1CG