>>>Bank of America: How about we just hide billions in debt?<<<
I am sincerely shocked. After we bailed those idiots out, and gave them little slaps on the wrist, they turn around and pull this BS. Well it seems that all of the banks are doing this end of quarter "window dressing." The only reason this is happening is that Americans are too lazy and financially illiterate to know what is happening.
>>>Window dressing isn't illegal in itself. But intentionally masking debt to deceive investors violates regulatory guidelines. BofA said its incorrect accounting wasn't intentional.<<<
What unadulterated horses*&t. If there is intention to deceive it is FRAUD. FRAUD, FRAUD, FRAUD. If there is no legitimate business purpose, it is FRAUD, FRAUD, FRAUD. If it isn't conservative, consistent and transparent, it is FRAUD, FRAUD, FRAUD.
I watched the Enron meltdown rather carefully. There were lots of minor players who got creamed. Little guys to small to really defend themselves or w/o big political pull, but big enough to count as a trophy on some AG seeking-to-be-governor's resume. The usual charge: Failure to disclose, no legitimate business purpose, misleading disclosure, incomplete disclosure.
We don't need new regulations to prosecute this crap. We need regulators with some stones. Of course if you have stones, then you don't get the cushy job at the banks after having worked regulating them.
Gag me with a 2X4. Nothing has changed as a result of this crisis. The reforms are a total joke. |
