First it was the banks and investment banks. Then it was the financials in drag - those manufacturers with large captive finance arms.And now with the economy clearly slowing many investors are wondering if industrials are somehow really "financials in disguise."To me the answer is unequivocally “yes.” And here’s why: While each industry group is different there are 4 principal areas where corporation and financial services firm balance sheets are alike:  Cash and short-term investment portfolios; Short- and long-term receivables book; Derivatives exposures; Pension obligations. And I can easily think of many examples of where corporations have de-facto become financials ...