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  "docSlug": "7d018feb2bc4",
  "documentTitle": "State Street Corporation (STT)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-10-16 00:00:00",
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  "pageNumber": 19,
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  "slideType": "expose_contradiction",
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  "notes": "The slide uses a 'fraud-exposure' style argument to highlight management's misuse of 'non-recurring' accounting labels.",
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      "kind": "callout",
      "text": "Per Share Total ~$19 ~$15",
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      "text": "In each year since 2007, State Street has incurred gross non-recurring charges of more than 30% of EBT adding to $19 per share ($15 per share net of non-recurring gains and income)",
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      "text": "In each year since 2007, State Street has incurred gross non-recurring charges of more than 30% of EBT adding to $19 per share ($15 per share net of non-recurring gains and income)\nEven excluding conduit losses, gross non-recurring charges are over $3bn",
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      "text": "non-recurring charges: $19",
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      "text": "Source: SEC Filings. (1) Represents gross expenses and charges excluding one-time income and SIV accretion. (2) Represents all non-recurring items above, including non-recurring gains, income and SIV accretion.",
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      "text": "Table showing Adjusted EBT, various non-recurring items, and Reported EBT from 2006-2010",
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      "text": "“Non-Recurring” Charges Have Been A Recurring Problem",
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