Wednesday, March 27, 2013

Don’t trust banks with your cash

European Bank Accounting Is A Joke

Christopher Mahoney, a former Vice Chairman of Moody’s, says: "If you don’t believe that insolvent banks lie about their condition, read the annual report for any one of the banks which have had to be bailed out in the past few years. Not one of them said that they were insolvent, or that their loan portfolio was full of holes, or that their CDOs were mismarked, or that they were becoming illiquid." He adds: "They certainly lied to me when I was in the business."

Posted by stuartking @ 07:18 PM (1933 views)
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3 thoughts on “Don’t trust banks with your cash

  • From the article “On Sunday, Europe introduced the “Cyprus Doctrine”, which says that uninsured deposits are risk assets and that uninsured depositors are “investors””. This is a major change in looking at depositors ~ a special case, said the head of the eurozone finance ministers, Jeroen Dijsselbloem, who was forced into a U-turn yesterday after his comments about the Cyprus bailout sparked chaos across Europe.

    Dijsselbloem initially claimed that Cyprus could be used as a model for future bailouts, with investors of more than €100,000 targeted instead of governments and taxpayers. In response to his comment, which contradicted repeated assurances from the eurozone that Cyprus was a one-off case, European and US markets plunged, the euro dropped against the dollar and the cost of insuring European banks against default rose.

    Dijsselbloem later tried to reverse the crisis he had created by tweeting that Cyprus was a “specific case”. There are “no models or templates,” he added”. Basically this supports the assertion that the EU are thieves, treating Cyprus depositors as a special case.

    Russia has sharply criticized the bailout deal for Cyprus, with Prime Minister Dmitry Medvedev accusing the EU of theft. Russian state television even likened the forced levy imposed on wealthy investors — to the expropriation of Jews by Nazi Germany….it doesn’t get much worse than this.

    So, make your minds up guys. Thieves or incompetents?

    Judging by the EU unelected Politicians and Banksters’ abilities to rack up expenses and air miles, they aren’t so stupid looking after their own affairs!

    Next problem well identified:CDOs. See the Keiser report (RT) for more…..

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  • …and from Ambrose in the Telegraph:

    “The complicity of EU authorities in the original plan to violate insured bank savings – halted only by the revolt of the Cypriot parliament – leaves the suspicion that they will steal anybody’s money if leaders of the creditor states think it is in their immediate interest to do so. Monetary union has become a danger to property”.

    Whole article at:
    http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/9957999/Cyprus-has-finally-killed-myth-that-EMU-is-benign.html

    Have I made the point?

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