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re: Would We Have Been Better Off If The Gov't Let The Banks Bottom Out, Not Bailing Em Out?
Posted on 5/15/17 at 11:23 pm to LSUFanHouston
Posted on 5/15/17 at 11:23 pm to LSUFanHouston
We also have created a culture where people care more about what the balance sheet says verses what's really there.
See First NBC's collapse. Essentially robbing peter to pay Paul and show a fat balance sheet when in reality all you had was a bunch of promissory notes that were reading as assets on the books. In reality there was no liquidity.
Irresponsible, poor investing, and greed caused the bank crash.
See First NBC's collapse. Essentially robbing peter to pay Paul and show a fat balance sheet when in reality all you had was a bunch of promissory notes that were reading as assets on the books. In reality there was no liquidity.
Irresponsible, poor investing, and greed caused the bank crash.
This post was edited on 5/15/17 at 11:32 pm
1
Posted on 5/15/17 at 11:32 pm to Geauxld Finger
I think before it's all over, it will be shown that Ashton Ryan et al deserve a perp walk. They won't get it, of course, but I think you will be able to write text books about that story.
The bank branches were basically a storefront for mortgages, most of which were terrible, and to give a conference room to sign tax credit deals. Given the crap in the mortgage portfolio, the tax credits were essentially of little to no value.
Their balance sheet was an absolute joke... but it was so complex that few could realize that. It was the banking version of Enron.
The bank branches were basically a storefront for mortgages, most of which were terrible, and to give a conference room to sign tax credit deals. Given the crap in the mortgage portfolio, the tax credits were essentially of little to no value.
Their balance sheet was an absolute joke... but it was so complex that few could realize that. It was the banking version of Enron.
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