Thursday, October 15, 2009

Banks Earnings: Just a Mirage?

Ken Kam CEO of Marketocracy on why laxed accounting laws are falsely propping up banks' balance sheets.

This is what I have been saying since April. FASB relaxed the mark-to-market accounting rules that allowed banks to not report their losses and come with these fictitious earnings. Please see my April 4th article "The End of Mark-to-market Accounting Rules End of Transparency Era"