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Who'da ever thunk?
How are they going to patch this up? I love it when they always change the rules if the home team isn't winning.
it's like those computer chess games in which you can reverse sides if the computer is kicking your butt.
If the powers that be suspend FASB, Mark to Market, et al.
Nothing will stop this ponzi but the weight of it's own corruption and capitulation.
Good night and ado!
Two German couples bring some justice to one fraudster.
BERLIN – Three German retirees who lost $1.4 million in the financial crisis and kidnapped their American investment adviser in an attempt to recoup the money were convicted Tuesday, with their 74-year-old ringleader sentenced to six years in prison.
Two couples, aged between 61 and 80, had invested their savings with the financial adviser who worked out of offices in the U.S. and Germany, the Traunstein regional court said.
Eat them up, YUM
I've gotta do my taxes this weekend... did anybody hear during the hearings today whether Geithner still recommends TurboTax?
Timmy recommends not doing your taxes until after you've been elected to public office
They will play word games until they are caught red handed, then they will go throught the finger pointing stage until they find the lone gunman which will have died already in an accident.
yes, an impressive culpability flow diagram leading to our friend the skier.
he was, in fact, the only slightly (very slightly) moldy apple.
everything else is pink, so .... wait for it ....
BUY, BUY, BUY !!!!
Who will catch them? Anyone who has something to gain from the current status quo will not speak and certainly we cannot rely on the traditional watchdogs; SEC, Media, Congress ... the smoking gun will probably just meltup along with Wall Street.
I speak to my friends about the corruption and collusion of Washington and Wall Street and they just yawn ... they are happy so long as their IRA's and 401K's don't go down.
Could Ben be right?
We need somebody on the inside like a Daniel Elsberg to copy documents and hand them to Zerohedge because you can't trust the media. A patriot, a rare breed these days.
Unfortunately Woodword and Berstein are now on the government's side, so Danny boy has got no one to go to
How about you Wells.. Citi?
Im tired of this shit. Damnit
There is scant difference between Repo 105's and the marked-to-myth accounting that is now sanctioned by FASB (after the appropriate pressure was applied). Accounting has morphed from a supposedly accurate representation of an ongoing concern's financial standing to a wish list that represents where the firm would be at if only they were competent and honest.
No doubt the shenanigans (an old Irish term for generally accepted accounting principles) involved in Repo 105's will just be made perfectly acceptable by law (if they are not already) and grandfathered back to whatever date is required by the "innocent and misunderstood" parties.
If the equity market is willing to suspend reality and accept M2Myth, it is hardly much of a step to likewise applaud Repo 105's. Accounting gimickry is now awarded "style points" by the market.
Accounting gimickry is now awarded "style points" by the market.
Accounting gimickry is now awarded "style points" by the market.
this is just unbelieveable. this confirms are banks are ponzi schemes
nevermind. It's late and I'm seeing things.
Your honor my client has never sold drugs from the back of a vehicle of that color
The classic non-denial denial. I never did that while the moon was blue, the winds were higher than 50 MPH and American Idol was blacked out, all at the same time.
Slim to none chance in other words. He's guilty, just not of that specific event at that specific time.
So how much does a firm rise on accounting fraud these days? I guess we will find out tomorrow. I bet at least 2%
Bloomberg headline for tomorrow "Stocks rise as Bank of America fraud less than expected"
Sadly, I would not be surprised if this exact quote raced through my screen tomorrow afternoon.
They wont nail BOFA on this . If they nail anyone to a cross it will be a big regional not to big to fail bank . Just big enough to be front page news for a week. That is the the way this has always worked .
I am 99% certain a number of the VIEs and similar entities - especially those with credit protection or securities buyback offered by BoA, will come back on balance sheet this quarter because of the move to FAS167.
However, if BoA's only involvement and risk is the provision of interest rate or forex swap portion, and there is no pass-through requiring a decision to call or dispose of the asset on a discretionary basis on the part of BoA, they will stay off balance sheet I expect.
If you are the real estate agent, the house you sold doesn't go on your balance sheet, even though you take a fee out of the middle).
where the phuck are the whistleblowers? I mean, the lowely clerk making 30k/year. They must have some info.
I would ask that zerohedge more actively solicit whistleblowers. A safe haven where anyone working for a company that is actively engaged in fraud. Perhaps readers of Zerohedge would even donate to a whistleblower fund, which purpose would be to help the whistleblower get counsel, seek a new job, etc...
BoA Meets Expectations
Right, this will be the headline tomorrow.
"BofA shares up significantly after the bank meets expectations" - where expectations are that they're full of as much BS as the rest of them.
What kind of Repo Rippin was Johnny Thain's gang doin?
I don't see the connection at all. The supposed response from their legal department is accurate and appropriately disclaimed. The paragraphs you highlighted from their 2005 (really?) statement describe two things 1) the exact type of asset that FAS140 (and subsequently, 166 & 167) is designed to bring on the balance sheet and 2) something very similar to the covered bond 'solution' Washington believes will solve all the securitization problems - keep 5% (the latest number in the Senate bill) of the risk on balance sheet.
I'm not really a fan of Bankofamerillwide and wouldn't be surprised at all if they used some sort of Repo 105 transaction during KDL's tenure, but you're not providing even a modicum of proof to that end in the article above. You might as well of received confirmation from the hot dog vendor at 1 Bryant Park.
Who was taking the other side of these Repo 105 deals. When the stuff was moved off of the BAC or LEH balance sheet, whose balance sheet swallowed the assets? Since all of the banks were trying to hide the same overlevraged problems, where did the they find a counterparty for funding that was NOT overleveraged. Numbers not available for BAC, but the LEH balance of $50 Bln is more than granny keeps in the purse for weekend spending.
What B of A is talking about is real off-balance sheet stuff versus what Lehman was doing with Repo 105 which was plain vanilla round-tripping with a counterparty. You will get no response for PwC due to "client confidentiality." But given that JPM Chase, PwC's other biglong term banking client said they did use Repo 105 per FTAlphaville until 2005, I would bet there's some hidden in $BAC too. Hell, they were probably counterparties to each other so PwC could keep track of it all . Someone had to.
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