The Gold Anti-Trust Action Committee claims that clearing data substantially understates the true amount of gold traded, due to the netting of trades in the calculation of Clearing Statistics.

But a number of gambling specialists say the survey may substantially understate the problem, and not just because of the demographics of the military population.

Many economists think the census data substantially understate the unemployment rate in South-Central.

As a result, the omission of this broad class of benefits from our quantitative results likely causes our estimates to substantially understate the total benefits of the Clear Skies Act.

"The futures market is indicative of the direction of the market but substantially understates what's been happening on the physical markets," he said.

Since starting the investigation, the committee has found an "additional error" in accounting that substantially understated the options-related charges.

First, the European Commission suspects that Greece substantially understated both its debts and its deficits as it qualified to adopt the euro.

The regulators charged Coopers & Lybrand with substantially understating Silverado's allowance for loan losses on its $1.3 billion portfolio.

Democrats said the president was substantially understating the cost of this tax cut, which they put at around $2.2 trillion.

But the law gives the I.R.S. six to go after taxpayers who substantially understate their income.