Wednesday, March 27, 2013
Don’t trust banks with your cash
Christopher Mahoney, a former Vice Chairman of Moodyâ€™s, says: "If you donâ€™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."