Our largest zombie bank reports a “profit.” All this while sitting on billion$ in unrecognized credit losses. I don’t believe their “super-senior” CDO positions have been dealt with anywhere near enough, not to mention commercial and residential mortgage portfolios. Truly a joke.
Meanwhile, across the Pond:
http://www.telegraph.co.uk/finance/comment/jeffrandall/5984321/Bankers-are-jumping-for-joy-but-they-dont-live-in-the-real-world.html
Too bad Fannie and Freddie aren’t in UK too. Maybe if they were we could force the Brits to pony up some of that money they say they need now – what is it, another 12 billion?
Who was it who said, “A billion here, a billion there, and pretty soon you’re talking about real money”?