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U.S. banks begin FICTIONAL quarterly reports

Articles & Blogs - US Commentary

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With U.S. banks now allowed to write-in virtually any numbers they want on their quarterly reports, Wells Fargo “surprised” the market “experts” with numbers that “beat expectations”. Does anyone really think this means anything?

The simple fact is that U.S. fraud-factories were desperate to get the new “mark to fantasy” accounting rules passed – just in time to fictionalize their “earnings” for the first quarter of 2009 (“FASB strong-armed into mark-to-fantasy accounting”). This is all we need to know.

U.S. banks obviously lack the capacity to earn money now that most of their fraud-victims have either backed away (or been bankrupted), so their “business” consists of panhandling billions of taxpayer dollars and lying about their operations. All of the assets on U.S. bank balance-sheets are PLUMMETING in value – yet the overall operating results are improving?

Default rates in EVERY category of U.S. debt are skyrocketing – yet bank write-offs are decreasing?

As with the grossly-fabricated, U.S. monthly jobs report, there is not even a veneer of plausibility here. It is not even theoretically possible for the “results” reported by Wells Fargo to be accurate. The company is simply lying to the market – and its shareholders (with the full blessing of the U.S. government and so-called “regulators”).

The fact that the U.S. accounting “watchdog”, the gutless FASB has sanctioned fraudulent reporting for U.S. corporations is obviously no reason to treat these results as legitimate. With bankster-stooge Geithner siphoning funds from the U.S. Treasury into the U.S. financial crime syndicate, these companies may not be forced to declare bankruptcy – but it doesn't change the fact that these companies are hopelessly insolvent.

All that has been done to alleviate the U.S. housing-sector collapse is to postpone the pain. Now we see additional soaring default rates for commercial loans, credit card debt, and every other category of consumer debt. ALL of these default rates will continue to rise, meaning that U.S. fraud factories are becoming more insolvent by the day as the U.S. economic collapse worsens.

There is no point in even discussing the numbers in the quarterly reports of U.S. banks, since you can't “analyze” fiction – which has no connection to the real world. For any rational investor, it would be impossible to even consider investing in a U.S. company, until the day after honest and accurate accounting rules are reinstated in the United States.


Don't hold your breath!!

 

 

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