Big Wall Street Banks Hide Their True Debt Levels Every Quarter Now

Well it looks like the Wall Street Journal only took a little over three weeks to report what I suggested in mid-March:  Lehmangate Part 2: What Is the Rest of Wall Street Hiding?  Here's the link to my post in which I suggested that Lehman was one of many using similar fraudulent accounting in order to dress up their balance sheet:  LINK.

The Wall Street Journal today reports  Big Banks Mask Risk Levels:  Quarter-End Loan Figures Sit 42% Below Peak, Then Rise as New Period Progresses.  I don't have a subscription to the Wall Street Journal, but here's a Reuters news report:  "Major U.S. banks temporarily lowered their debt levels just before reporting in the past five quarters, making it appear their balance sheets were less risky, the Wall Street Journal said, citing data from the Federal Reserve Bank of New York" - Link:  Reuters

This should not surprise readers of this blog.  Wall Street is notoriously "Monkey see, Monkey do."  So it only made sense that every other big Wall Street bank would be using accounting manipulations to accomplish the same fabulous results as Lehman, before Lehman collapsed.  The only difference is that the remaining Wall Street banks have been deemed by the Fed/Treasury as "too big to fail."  We have monkeys running the big banks and we have monkeys overseeing and regulating the big banks.  I think Bernanke and Geithner deserve a Big Banana award.  But what about the citizenry who enable these people to remain in power?

(courtesy of Jesse's Cafe Americain)