Somethings wrong with our accounting laws.
Manulife Financial Corp. is a Canadian firm, and thus it had a very bad year. If exactly the same company had been magically relocated to anywhere in the United States, it would have had an outstanding year. Under Canada's hard-nosed accounting rules, Manulife was forced to post a loss last year of $1.28 billion. However, under the more feel-good U.S. accounting rules, according to the company, it would have shown a profit of $2.2 billion and been flush with $16 billion more in shareholder value.
See page two on their 3q earnings.