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| From: | Jaq (12.236.179.65)
| | Subject: | Lip Stick on a Pig Economics & Gas up to $3.80. | |
Date: | June 6, 2009 at 6:26 pm PST |
Bloomberg continues to report the accounting strategies that Citibank, Wells Fargo and others are enjoying; fattening up their bottom lines to look better than they really are. Under the guise of "educated guesses" and crystal ball predictions of our immediate future, counting the money will all shake out to benefit ..... who?
Citigroup’s $1.6 billion in first-quarter profit would vanish if accounting were more stringent, says Martin Weiss of Weiss Research Inc. in Jupiter, Florida. “The big banks’ profits were totally bogus,” says Weiss, whose 38-year-old firm rates financial companies. “The new accounting rules, the stress tests: They’re all part of a major effort to put lipstick on a pig.”
So, tell me again, how this will improve the economy? How are we getting our jobs back?
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