For banks JP Morgan Chase (JPM), Citi (C), and BofA (BAC) to proclaim their profitability in January and February is about as close to criminal hypocrisy imaginable. And again who funded this situation? The taxpayers fund this “one time profit”, which causes a market rally allowing the big boys to promptly turn around and start selling more expensive equity! I really don’t understand how anyone could think the banks could turn a legal profit virtually days after being on the brink of failure. Nor do I understand how anyone would think these clowns that have been digging themselves deeper and deeper into a hole could pull off a miracle without breaking some laws in the process. They played congress perfectly and have milked it ever since. The American public deserves absolute transparency of the actions of the government that is suppose to advance its interests.
“Vikram Pandit’s recent letter to Citi employees was a nicely timed communication to his broader social and political audience. His upbeat note was plausible because he put down some very specific markers, e.g., “best quarter-to-date since 1997″; the danger is that these come back to haunt him.”
“Indeed. Will any of us be truly shocked if a short time down the road “adjustments” are made to Citi’s actual (filed with the S.E.C) quarterly results which will revel that Pandit’s letter was just fakery?” –Seeking Alpha reader comment by mac.barron on 22 March in response to “The Economics of Vilification” by Simon Johnson
This is precisely the kind of situation the SEC should be monitoring. Several major financial institutions making positive mid-quarter comments on earnings. The SEC should be asking for expanded disclosure in the next 10Qs to address the basis for the comments and any divergence in the remainder of the quarter. This is a link from Bloomberg about how mark to market got changed. The people of America are at war against their own government and banking system. The problem is that they don’t know it. We don’ have a free market, we don’t even have capitalism. The entire game is rigged and I think it’s something the public should know about. I actually think if more people did some reading instead of watching American idol we would overthrow our government.
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