Glen48
Money can't buy Poverty
- Joined
- 4 September 2008
- Posts
- 2,444
- Reactions
- 3
The more worrying thing is bank doing their on creative accounting and setting up their own guidelines,I am not sure how things work here in Oz but over seas the board decided on takeovers and other high risk ventures and then has an off balance sheet to hide the loss or delay it and hope like hell things come good.
When the taxpayer is on the hook to bail them out they have no fears.
Getting the auditors onside to give a good report or they tell the bank's how to cook the books.
Like RBS taking over AMB Amro with out any due diligence not knowing ABM were up to the hilt in Sub prime loans.
Look at the sub prime mess USA is in over lax rules and SEC not doing their job,how lobbing by banks and making donations to the feds got what the banks wanted.
Here banks have all their security in tanking property and been sucked in like all the other over seas lending institution.
It will come crashing down sometime soon and by 2013 be fully underway.
So I would not be worrying about how banks get their money and fighting with the bed presser more how to protect ones self from what's coming.
When the taxpayer is on the hook to bail them out they have no fears.
Getting the auditors onside to give a good report or they tell the bank's how to cook the books.
Like RBS taking over AMB Amro with out any due diligence not knowing ABM were up to the hilt in Sub prime loans.
Look at the sub prime mess USA is in over lax rules and SEC not doing their job,how lobbing by banks and making donations to the feds got what the banks wanted.
Here banks have all their security in tanking property and been sucked in like all the other over seas lending institution.
It will come crashing down sometime soon and by 2013 be fully underway.
So I would not be worrying about how banks get their money and fighting with the bed presser more how to protect ones self from what's coming.
