Comments on: Banks Rescue Credit Card Trusts, Yet Keep Them Off Balance Sheet

By: rana

rana — Wed, 02 Sep 2009 04:34:56 +0000

this is really great post.

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By: Diane

Diane — Thu, 25 Jun 2009 12:31:48 +0000

Back in November 2007 Jamie Dimon was widely quoted as saying that SIVs had no business purpose and would go the way of the dinosaur. Guess he found one after all.

By: Bruce Krasting

Bruce Krasting — Thu, 25 Jun 2009 10:03:55 +0000

Yves, You should not fret about these trivial matters.

The government will solve all of these problems. Mr. Geithner has brought you TALF to do just that.

By: Hugh

Hugh — Thu, 25 Jun 2009 08:21:22 +0000

I agree with Tom Lindmark. This is Enron writ large. It goes to the fact that any reasonable accounting of the financial industry would show that virtually all the entities in it are bankrupt. It is the Obama-Summers-Geithner plan, however, to keep this circus going in the hopes that said entities can sufficiently stiff their customers and gamble and win in new speculations until they can work their way our of their predicament. Where the rest of us, the stiffees, will be at the end of this process has not apparently been considered or thought that important.

By: VG Chicago

VG Chicago — Thu, 25 Jun 2009 06:10:49 +0000

>> Can someone explain the accounting logic? <<

It's impossible to explain logically -- it's just "criminal thinking." They're psychopaths, worthy of a diagnosis of "Antisocial Personality Disorder."

Great post, Yves! Keep them coming. I hope sometimes you could discuss student loans. I also teach grad school, and these kids graduate with $250K+ in student loan, but unimpressive income potentials. I fear for their future.

Vinny G.

By: Richard Kline

Richard Kline — Thu, 25 Jun 2009 06:01:31 +0000

Those who own the officials make the rules . . . .

Lessee: Banks pushed their MBSs off-balance sheet. They pushed their securitized LBO ASBs off-balance sheet. They pushed their credit card pools off-balance sheet. It would be east to assueme that there is *no* shadow banking system per se, simply a double-entry system in which the great mass of speculative lending was made by nominally chartered organizations but not formally recorded against their regulatory capital and reserves. That's a 'shady banking' system, not a shadow one.

And understand this: no 19 guys in a couple of communter jets did this do us. No evil empire. No dastardly terrorist slumgullions nowhere in view but reputedly hiding under every rock, kicking aside the dry bones of those supposed 'Communists' formerly alledged to be hiding under said rocks. No; this was done by the richest, most powerful, and best placed the Ol' US of A had to offer. Our tycoons of wealth are a criminal conspiracy against the rest of us, that's the takeaway.

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By: Tom Lindmark

Tom Lindmark — Thu, 25 Jun 2009 04:12:19 +0000

Aren't there several Enron executives serving rather long jail sentences for this sort of behavior? Have you any idea why the rule of law has been suspended in these instances? Perhaps your last sentence provides a clue.