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$4.4 billion...
I just read on Reuters that "Nearly 80 percent of Americans say they do not trust the U.S. government to do what is right, expressing the highest level of distrust in Washington in half a century, according to a public opinion survey."
Reuters and the BBC...they don't seem like "conspiracy" sites to me...
PS-I'm sorry if I posted incorrectly...I post at a lot of forums and they all have different rules about the format of stories and news links...so I tried to follow what laz wrote:
5) If you also want to comment on the article, please make another post right below your news, and not within the news article.
Happy news-hunting!
P.S.: Sample posting order format:
Title of article (written in the title of the post)
Date (first line in body)
Body of article (after the date)
Actual link to article (below the posted article) -
The hidden pile of razor blades in the background is the trillion or two trillion in bad mortgages.
Citi made good money this quarter. The reason Citi was even around to make this money, was that they didn't have to declare the true value of all these bad assets. One day they may have to, though I suspect the suspension of GAAP rules about mark-to-market may be here to stay.
An amazing juggling act continues while the band plays on.11-20-09-- Filed Chapter 7
12-23-09-- 341 Meeting-Early Christmas Gift?
3-9-10--DischargedComment
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You are correct DMC! about a year ago after the dow crashed the govt allowed the banks to use the same accounting rules that was partially to blame for the crash in the first place.
They don't use "mark-to-market", so their books list a loan for say 400k as an asset worth 400k even if it's on property in Detroit that's only worth $1500 bucks.
The other one is something called "repo 105". I'm not an accountant, but I think this fraud allows the big banks to somehow convert their debts to cash for reporting purposes, then convert it back once they announce the quarterly earnings.
I cannot imagine that in the post Enron world we allow this fraud.
I hope those that read this and further research it move what's left of your 401k into cash until the storm blows over.
These guys are as bankrupt as we are only they won't admit it.
The essence of freedom is the proper limitation of GovernmentComment
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The global financial crisis, it is now clear, was caused not just by the bankers' colossal mismanagement. No, it was due also to the new financial complexity offering up the opportunity for widespread, systemic fraud...Big Finance in the 21st century turns out to have been Big Fraud...
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Also, I found this, and since it relates to mortgages, I thought that some might enjoy it:
The Renter’s Manifesto
The comments are very interesting...
"Raising Kids to Be Entrepreneurs"
Teach your children not to get into debt...and talking about debt and chains and cages...makes me think of Johnny Cash:
I'm gonna break
I'm gonna break my
I'm gonna break my rusty cage and run
Banks Making Big Profits From Tiny Loans
You can make money from the poorest people in the world...At what point do we say we have gone too far?
Last edited by Xue; 04-19-2010, 04:31 PM.Comment
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Legalized theft......All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
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