9/01/2010 PERMALINK
Massive fraud in our banking system aided and abetted by government. Global Economic Trend Analysis: FDIC Quarterly Banking Report: If I recall correctly, this is the third straight quarter that bankers have fraudulently used big reductions in loan loss reserves to inflated reported profits. This although nearly every bank's loan loss reserves stand at record lows against reported non-preforming loans and nearly all banks are keeping many loans that should be on their non-performing list, off it. They are using loan work outs, new extensions of credit, allowing checking overdrafts to make payments and various other fraudulent techniques to do this. When the fraud necessary to sustain a failing system reaches these levels, aided and abetted by government regulators, it is hard to see how such a corrupt system can endure much longer. Be prepared for the worst.