I love how the talking heads on CNBC and everywhere else defend the banking fools, saying: “they have no idea how big the write downs will be.”
They know how much exposure they have to credit related junk. In my opinion, they are trying to sweep the garbage under the rug, then exclaim: “hey, look how clean our fucking floors are.”
In short, if the damage is half as bad as the bears say, there is no reason to buy LEH, MER, MS, CFC, GS or any other financial stock, until they capitulate.
Naturally, of course, “The Fly” has no evidence to convict the bankers of “hiding their bullshit.” However, this is not the 1920’s, pre-computer era, where all positions were written on small pieces of paper—then stuffed in a filthy filing cabinet until the firm went bankrupt.
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