I’ve been following all the banks and brokerage firms and how much they’ve been writing down. It seems that there are Billions more to come beyond what some have already written off.
One major bank has written off about $8 Billion and has as much as $10 Billion more. And that might not be the end, only what they can do within the guidelines of NOT becoming insolvent or putting their balance sheets out of Compliance with the Regulators.
I am a big movie fan – all types – Hollywood and Bollywood. I remember, being a huge fan of Dustin Hoffman, watching a movie he’s in called Ishtar. It also starred Warren Beatty in case you didn’t see it. The movie was so horrible, I wondered afterward, “how bad were the scenes that they cut out?” My god…
Likewise, things in the financial sector are beyond bad. And, how can you trust the guys that run them now? They are worse than Cheaters.
I wonder, how much worse could these banks be had they left their respective CFO posts VACATED for the past 2 years?