How To Fix A Banking Crisis
Pretend To Add Five Trillion In Assets. VOILA!
Citi: Banks Will Have $5 Trillion Restored to Balance Sheets
"Accounting changes expected to take effect by 2009 will add $5 trillion to the balance sheets of banks and other U.S. financial institutions, says Citigroup’s head of global credit strategy Matt King.
The changes will return to banks’ books the majority of the assets that were securitized previously — but those assets will not need to be funded, King told the Financial Times."
Can I pretend to have a few extra thousand in my checking account? No?
Citi: Banks Will Have $5 Trillion Restored to Balance Sheets
"Accounting changes expected to take effect by 2009 will add $5 trillion to the balance sheets of banks and other U.S. financial institutions, says Citigroup’s head of global credit strategy Matt King.
The changes will return to banks’ books the majority of the assets that were securitized previously — but those assets will not need to be funded, King told the Financial Times."
Can I pretend to have a few extra thousand in my checking account? No?
posted by nolocontendere at 4:48 PM
2 Comments:
That's what Bush Sr. meant when he talked about fuzzy math.
I'm gonna call MY bank and tell 'em I just added $5 trillion to my account. Cause afterall, Citibank's doing it. In fact, we should all do it. That could be a real hoot!
*POOF*
$$$ for nothin' & the chicks 4 free
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