Bank results today

[MarinaFazer]

Wells, Morgan Stanley to Sell Stock - WSJ.com

Who didn't see this coming??? Who the heck thought the banks were okay? It's all artificial inflation, shady accounting (which is counted as good accounting in the financial sector)...

and I heard (not confirmed) that a lot of banks ended their fiscal year with November 30th instead of December to avoid showing bonuses! Is this true?

Discuss. All comments are :welcome: just keep it clean or we will :ban: you! :thumbup:

 

[MarinaFazer]

bump to make this appear on the homepage...

 

[wrightme43]

Everything is hidden from the home page now.

Its a whole lot worse than has been shown.


Fed Ducks Responsibility: Impeachment Time - The Market Ticker

 

[Cuba]

I'll read your links when I get a chance, but just speaking from what I've noticed personally with my bank, I'm very concerned. I'm still a Bank of America customer from my Boston years, and they have been sending me offers DAILY to borrow tons of money. They want to lend me $50,000, they REALLY want me to borrow it. They lower the interest rate to try to get me to bite, but I don't, so they keep trying. They're offering me new credit cards too, and raised the limit on the one I already have with them...

Why would they be doing this if their problem is a lack of capital?

They wouldn't be. They would be contracting not expanding, lowering credit card limits, NOT offering random $50,000 loans to people that aren't asking for them. They would be deleveraging if that were the case. Their problems are obviously not only a lack of sufficient capital, but a lack of profits. If they write a loan to me they book it as profit immediately. It is a short term sprint to book "profits" when in actuality they are reinflating the credit market that are already dangerous waters to be swimming in, the risk of non payment is high, but they aren't worrying about that. They are worried about their immediate survival and being able to show positive results so they can pretend to be solvent. They haven't had to write down the billions in losses they know they are carrying right now, but when they do, I think something bad will happen.

 

[MarinaFazer]

this is true, I helped myself to a new credit card with a limit 9x higher than my last card with them...I'll have to see if they raised my original one. What did I do with it? Well, I ordered it so as to help my credit (by having more technically available), then activated it, then cut it in half and threw it away. It helps build my credit and I never planned on using it anyways...

As for the banks, let's see what the stock market does in reaction this week. How much more shady accounting will happen?

ps: I confirmed the "year end of november" story! - so shady.

 

[Cuba]

I just got another BofA letter last night, this time they really want me to consider getting a mortgage with them... I guess we know where a chunk of their TARP money is going to, direct mailings!

 

[MarinaFazer]

ok, please tell me who these geniuses (insert sarcasm) think they are with saying we are out of a recession?! Are they only looking at stock market numbers? What about unemployment, people not making rent, and people struggling?

What's wrong with these "Chief Investment Strategists" at CHarles Schwab and Barclays? The market doesn't govern people's finances...these financial people really live in their own little world of money, don't they?