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Gun To His Head, Bill Fleckenstein Says He Sure as Hell Wouldn't Buy a Bank
Bill Fleckenstein, of Fleckenstein Capital, channels his best Anti-Bove and says what a vast majority of us are already thinking (at least ZH readers), in that with all the accounting gimmicks, how do you even know what you own in a bank anymore?
"The problem is, and the problem has been, that the state of accounting in the world today, financial statements and financial institutions mean nothing"
"It's quite possible that Jamie Dimon doesn't even know what's going on, and if he doesn't know how's an outsider ever gonna know"
"Accounting is so awful that you can never tell what you own"
"I don't know why anyone would ever want to own a financial stock personally"
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WELL I SURE WOULDN'T WANT TO OWN A BANK IN WASHINGTON STATE THERE BILL! (and no, i'm not big on the American variants either. NOR HAVE I BEEN FOR 30 YEARS. THIS IS 19TH CENTURY BULLSHIT BANKING IN MY VIEW.)
The whole system is rigged for the few who control the top. Capitalism will fail(has failed) because of the greed of these few asssholes who want it all. JPM is the most corrupt of all of them.
"It's quite possible that Jamie Dimon doesn't even know what's going on.."
Yes the auditors are cooking the bankers books and committing fraud just for fun... very believable that Mr Floppystein
Sell banks, buy Mongolia!
yes.....and a few more people are getting tired of the modern day version of "let them eat cake"!
Banks - Backed by the full rape and credit of the taxpayer.
Accounting - numerical alchemy.
banker cat does not approve your loan
Banker cat needs a monacle.
GIGGITY
Bankster Cat denies your loan AND smiles at your misfortune with his fancy monocle!
O, RLY?
TWADDLE, BITCHEZ
holy! you BET he does.
What's a banker-cat without a monacle??
Bill doesn't believe that PM is being manipulated. 'Nuff said.
SOB. Sold my May 21 $28 C Puts late last month because I was down a chunk...
Sigh, beating myself up.
I hear ya. Let go each jpm put I had for 1.00 when a week later it was 6.20 and then... 7.20. Ya, that's how it rolls sometimes. What can I say, normally it's not a smart idea holding into the last 15 days much less 7 days before expiry but this time it was the "right move" though really I should just not be so cheap & get more time. Meh.
Time may not be up yet for this correlated play. Some will laugh but I'm in for a vxx call. $19 for june expiry if I can hit 1.60 to get in.
Everything I own is good.
Maybe you should invest in some "Just for Men."
I thought that Fleck had dropped off the face of the earth. Great to see him again.
I read somewhere he had shares of MF Global but have not heard any follow up on how that panned out for him. Hope he did well and was able to get his money back.
There are no markets - ONLY INTERVENTIONS.
I've always liked Bill's outlook.
There are no markets - ONLY INTERVENTIONS.
You must mean,
There are no markets - ONLY EXORCISMS.
Well, I'd say buy JPM, not 'cause YOU believe, but 'cause POTUS does. Hope and change BTFD bitchez! (oh, uh/sarc !?)
http://news.yahoo.com/blogs/ticket/obama-financial-forms-show-big-jp-morgan-account-213119081.html
I would not limit my thinking to just "financial" companies.
The rot has set in - all brought to you by the scum of Wall St. and Human Greed.
Would love to see some executives in lock-up - now that would be a ratings winner for MSNBC.
I'd love to see the TV Show "COPS" do a spinoff show where all they do is bust Wall Street and International Bankers. I don't have cable anymore, but I'd subscribe to cable again just to see that.
there will be a wake up call one way or another,,,,,this about says it all....game set match,,,,,i saw pete najarian on nbc sports channel, david faber joked about his next career this morning they are all riding into the sunset,,,,,,,
The same argument arises when you talk about all markets because we are centrally planned, only they know what is next.
And yet... no one goes to jail for fraud.
And that's actually unfortunate...for them (i.e., those who committed the frauds and their accomplices).
I say that b/c justice WILL BE served. If not officially, then unofficially. I am not here advocating violence, merely predicting the logical consequence of NOT pandering to the mob's lust for vengeance er, justice.