PC, I learned my lesson early on with these bankrupt profit makers. All the numbers are basically accounting fiction. I owned Franklin Bank, and it went down and hemmed and hawed about eps, so I sold it. A few weeks later they declared bankruptcy. Their credit rating was AA when I sold, so you can't expect help from the ratings agencies.
If there is a disaster out there, the banks will find it. And that isn't just American banks. Foreign banks, ex the Swiss, are just as dumb.
They employ empty suits because they don't want to pay. When I was at American Capital, a guy doing the same sort of job as I was doing at a bank, though not nearly as well, of course, <G> was earning 10% as much as I earned. That hasn't changed much.
MB |
