Latest invaluable analysis and commentary from Chris Whalen and Institutional Risk Analytics, the outfit that has been spot-on during the financial meltdown and before.
Whalen tries to explain how and why the big boys like Citi are not home free, not to mention the positively delusional valuations that the feds are trying to stick on bad assets. There is at least one more massive shock to the system coming this year as the latest “toxic asset plan” crashes and burns.
Meanwhile, the solvent, prudent community banks continue to go about their business. If we are going to come out of this correction in a better place it will only happen if these guys positively revolt and force the fraud operators in DC and on Wall Street to liquidate this crud and move on.
Update: Sorry, had to add this. The entire episode makes more sense than a scary number of supposed experts:
