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 [3], 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"