The NYT reports:
We know the profits weren't real. Much of it was simple mark to market revaluation. In which the dividends and share repurchases were paid for out of borrowing.
No wonder leverage has shot through the roof. And now companies will fail as a result.
I know this is the US and they use different rules, but the IASB has a lot to answer for in releasing this madness on the rest of the world.