As Max Keiser explains, massive fraud has continuously taken place over many years … as banks shift their liabilities into the shadow banking system during audit time – with the help of accounting firms andthe government – and then bring them back onto the books as soon as the auditor leaves:
At the end of the quarter – when they’re supposed to report to regulators their balance sheet, the liabilities and assets that they have - they will temporarily put all of the liabilities … they’ll park them in the shadow banking system.
In other words, they won’t report the liabilities … therefore making their profits look greater than they are.
And then when the regulators move on to the next company, they download the liabilities once again. And they do this on a quarter by quarter basis.
This is done by all of the Fortune 1,000 companies. They’re engage in massive accounting fraud to cook their books.
These 4 remaining big accounting firms are involved day in and day out with massive accounting fraud.
The Wall Street Journal reported on January 19th that the Obama Administration was pushing heavily to get the 50 state attorneys general to agree to a settlement with five major banks in the “robo-signing” scandal. The scandal involves employees signing…
While local banks are held in check by the new banking czars in Basel, Wall Street’s “shadow banking system” has hardly been curbed by regulators at all; and it is here that the 2008 credit crisis was actually precipitated.
Disclaimer: The contents of this article are of sole responsibility of the author(s). The Centre for Research on Globalization will not be responsible for any inaccurate or incorrect statement in this article. The Center of Research on Globalization grants permission to cross-post original Global Research articles on community internet sites as long as the text & title are not modified. The source and the author's copyright must be displayed. For publication of Global Research articles in print or other forms including commercial internet sites, contact: [email protected]
www.globalresearch.ca contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of "fair use" in an effort to advance a better understanding of political, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than "fair use" you must request permission from the