Wednesday, December 02, 2009

Nomi Prins - Wall Street Banks Worse Than Enron?

One of our favorites is again out with a new article. We have linked to her website before but if you don't visit it, she posts all of her articles there as well as her new book It Takes a Pillage. Prins, being a reformed Goldman-ite, is one of a very, very few who truly understand the seriousness and depth of this crisis. And the complicity of Washington in its creation. Her work is always excellent and incredibly insightful.

"Talk about semantics. Why not also break out the area where revenues tripled and trading account profits jumped significantly (from a $6 billion loss in 2008 to an almost $14 billion gain in 2009)? Something is clearly going on there: the best measure of trading risk, VaR (“value at risk” or a firm’s daily trading variation) doubled between 2008 and 2009. If I was the CEO, I’d want to see this critical comparison on my merged company filing."

Just as we have said countless times, the crooks on Wall Street are back to their same old bullshit. Next crisis dead ahead because Washington is too busy raking in lobbyist money from Wall Street to fix any problems. Democrats can no longer hide Republicans being in power. The whorehouse is run by Democrats and they seem quite happy to continue performing favors for their johns in return for record sums of cash. The American people have much unfinished business to restore noble governance to the Parliament of Whores in Washington.

Change you can believe in.
posted by TimingLogic at 1:49 PM