Yves Smith (YS) has a 23 June 2010 post at her Naked Capitalism blasting "Timmy Boy" Geithner's recent comments about TARP's "success". YS's got this knocked. Here's a link: http://www.nakedcapitalism.com/2010/06/geithner-yet-again-misrepresents-tarp-performance.html. YS notes that to make TARP look successful the Fed and Treasury sanctioned accounting fraud. What else is new? Remember, the SEC, part of the Treasury, controls the PCAOB. Doesn't that give you the "warm and fuzzies"? The supposed "police force" of the CPA profession must ignore banks' accounting fraud. Think about it.
Junior at Junior Deputy Accountant delivers a Sonny Liston-like left hook on 23 June 2010 to Timmy Boy, here:
2 comments:
From comments on Yves piece..
“Today, a New York Times headline extols, “Banks Have Repaid 75% Of Bailout, Geithner Says.” ”
I’m getting sick and tired of the MSM conflating TARP with bailout.
Let me know when the Fed has unloaded the $1.3 Trillion of garbage MBS it bought from the banks. Let me know when we re-instate mark to market accounting. Let me know when the Fed is no longer letting banks borrow from the government at 0% and loan it back to the government at 4%.
Grand scale looting.
Anonymous:
As she usually does, YS gets it. She was on the "stress test scam" among others, from the get go.
IA
Post a Comment