"Some have attributed the resurrection of the financial markets (or more
appropriately the banks) from the March 2009 lows to the IASB/FASB changes to
factual to fantasy accounting. The
Telegraph reports today that from PIRC's and the Bank of England's Financial
Policy Committee that while banker bonuses continue to rise (for now),
'hidden' losses among UK banks could total GBP60 Billion (USD 90
Billion). HSBC topped the list with GBP10.4 Billion in bad debts that
have yet to be written off and while the 'accounting' bodies are suggesting they
will address criticism of this farce, as one analyst notes, they "can
still make unprofitable lending appear profitable." Regulators expect
to hear plans from lenders on how they intend to fill these holes before the end
of the month to coincide either with the FPC’s meeting on March 19 or a
statement scheduled for March 27. While outright recaps are unlikely, banks are
expected to
restructure and set out plans to raise their
capital levels over the next
couple of years. More fantasy..."
at http://www.zerohedge.com/news/2013-03-12/mark-market-manipulation-hides-90-billion-losses-uk-banks
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