9/29/2009 PERMALINK
FDIC pulls Madoff-scale fraud, looting $45 billion from bank vaults, while ordering banks to pretend like the cash is still there It was fraud enough when the Fed forced accountants to let banks keep bad assets on their books at 2 or 3 times their actual market values. So that bank depositors wouldn't know how insolvent their banks really were. Now, following in the Fed's footsteps, the FDIC has pulled a Madoff-scale fraud by looting $45 billion in cash from the nation's bank vaults to cover their expenses. While ordering all banks to keep the missing cash as an asset on their books for the next three years. Sad to say, the bank balance sheets backing your deposits have now become complete works of fiction.