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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: NOW who wrote (105871)6/1/2001 10:23:38 AM
From: Ilaine  Read Replies (1) of 436258
 
You get rid of bad loans by writing them off. That means you quit pretending they are ever going to be paid back, and you take them off your balance sheet. They are no longer an asset. That also means that you quit pretending that the collateral for the loan is an asset. All of a sudden your balance sheet has no assets - but then, it didn't anyway. That means that the bank has to admit that it is, in fact, insolvent, and perhaps operating fraudulently.
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