Saturday, May 2, 2009
Citi Could Need $10 Billion In New Capital
To answer your question about the accuracy of the data or the reporting, I have one word - Lies!
The fact remains, absent requisite regulation in the recent past, we've had nothing more than Casino Capitalism and cooked-up books that defy every valuation method.
FASB, the self-proclaimed vanguard of the financial industry, has repeatedly skewed the "standards" to prop-up the values of dying, if not already dead, companies. Check out the latest scam (http://www.bloomberg.com/apps/news?pid=20601091&sid=awSxPMGzDW38&refer=india)
This is simply frightening - the ability to change rules like the "mark-to-market" to gin-up profit as you please. He//, I've got some used undies I'd like to sell at hundred bucks a piece!
FASB's, in collusion with the shylocks at ABA is what gave the American Homeowners the gift of shaft (http://www.huffingtonpost.com/2009/04/30/banks-beat-howeowners-for_n_193902.html).
Where are the pitchfork marches!
Read the Article at HuffingtonPost