finkrishna

Paul Singer sent 115 analysts to figure out Bank of America's balance sheet - they found $75 trillion in derivatives on $150 billion of equity: "I challenge anybody in the room, outside of the room,come tell me what that looks like" this is him explaining why no one - not regulators, not investors, not even the banks themselves - knows the real financial condition of any major bank, and why the next crisis will be worse than 2008 "$150 billion of equity, $2 trillion of assets on the balance sheet. but here's the problem - $75 trillion, that's with a T, of derivatives. that makes the financial condition of Bank of America completely and utterly opaque" "I challenge anybody in the room, outside the room - come tell me what that looks like. what we found in '08 is the insiders didn't understand what was on their own balance sheets. Stan O'Neal, Dick Fuld, Chuck Prince - billions of fake AAA garbage" bookmark & watch the full conversation ↓

$300k in Sydney is lower middle class, functionally still a poor