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Citigroup’s Bogus Profits

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posted on Jun, 6 2009 @ 04:06 PM

Citigroup’s $1.6 billion in first-quarter profit would vanish if accounting were more stringent, says Martin Weiss of Weiss Research Inc. in Jupiter, Florida. “The big banks’ profits were totally bogus,” says Weiss, whose 38-year-old firm rates financial companies. “The new accounting rules, the stress tests: They’re all part of a major effort to put lipstick on a pig.” . . . Without those accounting benefits, Citigroup would probably have posted a net loss of $2.5 billion in the quarter, Weiss estimates.

Just more of the same crap, at least I think so.

I am no money expert. I know three things about money - I either have it, don't have it or owe it. IOW, I really don't understand this article and if it's true, but I thought I would put it up here for you guys to peruse.

I truly cannot count the ways I despise the concept of money. I have busted my butt when I worked and almost never made a dime yet these corporate fat cats can just do whatever they please while fleecing the rest of us. I guess the article says the Gov changed the rules so these corps. can make more money with creative bookkeeping.

Can I just throw up now? I get sick every time I read junk like this.

Mods - if you feel the need to move this, by all means do so.

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