UK News paper admits: bank figures are fantasy

Started by Travis, March 30, 2010, 06:53:03 AM

Previous topic - Next topic

Travis

Evening Standard 23rd of March 2010 page 40:
QuoteTreat bank fantasy figures with the utmost suspicion
IF you find the figures that emerge when banks report results baffling, take heart from this: most of them aren't real. All those millions and billions that get flagged on the news — stunning profits, soaring assets — are at best guesses and at worst complete fiction. This was confirmed recently with the emergence of the so-called Repo 105 deals that allowed Lehman Brothers to shift $50 billion off the balance sheet overnight, making the bank look far healthier than it was. Linklaters, the lawyers which advised Lehman, might get sued in the US for misleading investors, but what they sanctioned was within the rules. How many of our own banks are presently using accounting techniques that are perfectly lawful and entirely ridiculous? We'll find out when it's too late. There are only two sets of banks' numbers you can trust: the dividend payment to shareholders, for chose that can manage such a thing; and the pay of the top executives — that money will land in personal accounts as advertised, you can be sure. Otherwise, figures suggesting that the banking industry is doing well again should be treated with the utmost suspicion, because they probably ignore all sorts of other liabilities. This year's gains are still highly
likely to become next year's losses.


Ognir

If you don't know how the Jewish banking system works, you will never fully understand the conspiracy, like our friend from last night
Most zionists don't believe that God exists, but they do believe he promised them Palestine

- Ilan Pappe