Monday, July 14, 2008

$1 Trillion In 'Mysterious Cit Assets', WTF?

From the must read Bloomberg report:

``If you start adding up all the potential exposures, it's a huge number,'' said Sam Golden, a former ombudsman for the U.S. Office of the Comptroller of the Currency who now heads the financial-industry practice for restructuring adviser Alvarez & Marsal in Houston. ``The banks will say that it was disclosed. Investors are saying, `Yeah, but it was cryptic. We really didn't know what you were telling us.'''

At some point, you have to put part of the blame on the accountants. Jesse Jackson wouldn't be able to pull their nuts out. Clearly, they don't have any, if they allow a bank to push them around to essentially hide a trillion dollars in funky dealings.

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