The Trouble with Banks?

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“I don’t trust banks and neither should you”

eric

   By Erik Kobayashi-Solomon

 [intelligent option investor]

More On Banks

I don’t trust banks and neither should you if you care at all about understanding the company in which you are investing.  While financial statements for all companies contain estimates, virtually every line item on a bank’s financial statement are estimates – to the extent that, taken as a whole, the statements become little more than complex, arcane works of fiction.

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The Trouble with Banks

Conclusion

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4 Responses

  1. Bank of America wins reversal of $1.27 billion penalty in mortgage case

    A U.S. appeals court overturned a jury’s finding that Bank of America Corp was liable for mortgage fraud leading up to the 2008 financial crisis, tossing a $1.27 billion penalty and dealing the U.S. Justice Department a major setback.

    http://www.msn.com/en-us/money/companies/bank-of-america-wins-reversal-of-dollar127-billion-penalty-in-mortgage-case/ar-BBtn5Ys?li=BBnbfcN&ocid=U348DHP

    Morti

    Like

  2. Bank of America’s Winning Excuse: We Didn’t Mean To

    A federal appeals court overturned a $1.3 billion judgement against Bank of America, ruling that good intentions at the outset shield bankers from fines for subsequent fraud.

    https://www.propublica.org/article/bank-of-americas-winning-excuse-we-didnt-mean-to?utm_source=pardot&utm_medium=email&utm_campaign=dailynewsletter

    Ann Miller RN MHA

    Like

  3. You Won’t Go Far … with Wells Fargo

    Wells Fargo Leaders Reaped Lavish Pay Even as Account Scandal Unfolded.

    http://www.msn.com/en-us/money/companies/wells-fargo-leaders-reaped-lavish-pay-even-as-account-scandal-unfolded/ar-BByd8HF?li=BBnbfcN

    Alpert

    Like

  4. City of Philadelphia ditches Wells Fargo

    Wells Fargo just lost a $2 billion government contract with the City of Philadelphia — a move that appears partly related to the bank’s “fake account” scandal.

    http://www.msn.com/en-us/money/companies/city-of-philadelphia-ditches-wells-fargo/ar-BBAEkyz?li=BBnbfcN

    Now, since I went to school at Temple University in Philadelphia, this news was a bit personal.

    Dr. David Marcinko MBA

    Like

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