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.
“What if I told you that the financial crisis could be explained in just two words? Would you believe me?
It’s true, and oddly enough, neither of the words is “subprime”.
So, what are the words?
Bank run. The financial…
A foreclosure settlement between five major banks guilty of “robo-signing” and the attorneys general of the 50 states is pending for Monday, February 6th; but it is still not clear if all the AGs will sign. California was to get…
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