Jesse's Café Américain Mon 2010-04-12 18:11 EDT
Most Wall Street Banks Using Lehman Style Accounting Trickery Enabled by the Fed to Hide Their Risk
This analysis from the Wall Street Journal indicates that most of the big US Banks are engaging in the same kind of repo accounting at the end of the quarter that Lehman Brothers was doing to hide their financial instability until deteriorating credit conditions and liquidity problems made them precipitously collapse, as all ponzi schemes and financial frauds do when the truth becomes known. The basic exercise is to hold big leverage and dodgy debt, but swap it off your books with the Fed at the end of each quarter for a short period of time when you have to report your holdings...
Fed; hide; Jesse's Café Américain; Risk; Wall Street Banks Using Lehman Style Accounting Trickery Enabled.