Here is a post from Seeking Alpha.
“I have been extremely strident in my ridicule of bogus, bankster “bottom-lines” – and I’m certainly not alone.
In the legal system, when a party makes an admission which is against one’s own interests, such admissions are given much greater weight than a self-serving statement made by the same party. Thus, when a Wall Street mouth-piece like Bloomberg heaps doubt onto the validity of Wall Street accounting, and the supposed “profits” they are now reporting, this is something which should be examined more closely than most of their drivel.
To quickly recount this propaganda campaign to make U.S. banks not only appear solvent, but “profitable”, here is the chronology. First, the so-called U.S. accounting “regulator” severely diluted U.S. accounting standards (see “FASB strong-armed into mark to fantasy accounting”) – just in time for the banksters to re-write their books before reporting Q1 results.”
The post continues…
“Conveniently, the pronouncement that the U.S. financial sector was not only “healthy”, but “profitable” came just before the FASB was forced to tighten the rules on so-called “off balance sheet assets” (“Accounting changes NOT factored into stress tests”). Specifically, the U.S. financial crime syndicate will be forced to move a small portion (roughly $1 trillion) of its “off-balance sheet” feces onto the individual bankster, balance sheets. I say “small portion” since Citigroup alone has over $1.5 TRILLION of off-balance sheet feces.
As a further indication of the totally illusory “health” of these fraud-factories, the FDIC recently announced that it couldn’t find a buyer for Silverton Bank of Atlanta. This is…er, was a very large U.S. commercial bank which operated exclusively as a bank for banksters.”
Read the full post here.
Others covering this topic: BBCanada, Equity helpdesk,
Blog of Intellectual Capital 