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| Celtic Radio Community > Politics & Current Events > Ruse, Banks Capitalizing On Toxic Assets |
| Posted by: Patch 02-Jun-2009, 05:32 AM |
| By Keith Fitz-Gerald Investment Director Money Morning/The Money Map Report "Remember the infamous leaked Vikram S. Pandit memo we wrote to you about awhile back that suddenly saw Citigroup Inc. (NYSE: C) turn a profit on nothing more than vapors? Stay tuned: We're about to see more of these puffed-up profits. JPMorgan Chase & Co. (NYSE: JPM), Bank of America Corp. (NYSE: BAC) and PNC Financial Services Inc. (NYSE: PNC) will reportedly be booking as much as $56 billion in windfall profits using similar financial chicanery in the months ahead. Sadly, millions of investors will likely interpret this as a sign that the U.S. financial sector is once again a viable "profit" play - when the reality is that Wall Street hasn't learned a single darned thing from the financial crisis and is up to its old tricks once again..." This will not fool the experts but the average guy, once again, is likely to be burned! It allows those with "contacts" to recover their losses, much as happened during the lead up to "29." It appears to me that the govt. is attempting to rebuild our faux paper economy which caused our present crisis. Slàinte, Patch |