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Friday, April 9, 2010

Revelations on Banks Fudging Data through Repo 105

Today, even the MSM (Mainstream Media) came down on the banks with a piece in the Wall Street Journal on the usual suspects (Goldman Sachs, Morgan Chase, BofA, etc.) showing how they routinely fudge their figures at reporting times (end of quarters) through mechanisms such as Repo 105 made famous by Lehman.

There is very little that one can trust anymore as far as the major banking and financial institutions are concerned. Dishonesty and, in may cases outright fraud seems to be deeply ingrained in their culture.