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To: Paul Kern who wrote (80026)	7/9/2009 3:05:31 PM
From: Paul Kern	Read Replies (2) of 118717

It appears that they are still doing it. Banks that bought "toxic assets" from failed financial companies like Wachovia, WaMu, and Countrywide may be able to report huge profits on their financial statements due to an accounting loophole. This loophole allows banks to report income based on projected future earnings on these loans. Investment Director of Money Morning, Keith Fitz-Gerald explains why this window-dressing could make the major banks look much healthier than they actually are. nuwireinvestor.com This time around, the biggest U.S. banks - including JPMorgan, BofA, and PNC - will employ an obscure accounting rule to magically transform the “toxic debt” that they obtained from such “zombie banks” as Wachovia Corp., Countrywide Financial Corp., National City Corp., and Washington Mutual Inc. (OTC: WAMUQ) into actual income. moneymorning.com

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