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John B. Lounsbury Ph.D., CFP is a financial planner and investment advisor in Clayton, NC.
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  • Chanos: Ten Lessons 1 comment
    Nov 11, 2009 10:59 PM
    An excellent lecture by James Chanos at the University of Virginia can be reviewed here.  David Reilly, at Bloomberg.com (here), discusses one of Chanos' ten lessons in detail:  Banks don't like honest accounting.

    Hat tip the Barry Ritholtz at The Big Picture here.

    Related to the subject of accounting, federal bank regulators have issued guidelines allowing banks to keep loans on their books as "performing" even if the value of the underlying properties have fallen below the loan amount.  This is described in a Wall Street Journal article by Lingling Wei (here) and is discussed by Mish (here).  This new accounting guideline makes dishonesty legal.

    Hat tip the Phil's Stock World here.
    Themes: accounting, Chanos
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    Good presentation by Chanos. Have always thought Chanos was a few cuts above the majority of the moneygrubbers on Wall Street. Too bad we cannot get someone like Chanos as the head of the SEC with a mandate to radically reform the securities and banking regulation.
    Nov 12 12:31 AM | Link | Reply
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