The Bank Hustle

* You can not trust bank earnings because they recently changed the Mark to Markit accounting rules.
* Watch out for increasing credit card defaults
* Bank reserves are too small.
* The Stress Tests are BS because they do not test for asset quality or losses.
* All 19 banks passed the stress tests but collectively need over $2 trillion dollars of taxpayer money.
* Tim Geitner, The Treasury Secretary, has a record as a failure during his entire career. Previously he was in charge of The Reserve of NY and was in charge of regulating the largest banks in the country whom just failed.
* Geitner missed the subprime and credit crisis and received a promotion to Sec. of Treasury.
* Next big problem is commercial real estate.
* Citibank needs to be broken up. So do all TBTF “Too Big To Fail” Banks.



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