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"We're going to see some major recapitalization (of the banking system) coming at some point,"...

"We're going to see some major recapitalization (of the banking system) coming at some point," says Fraser Howie, who predicts more financial shenanigans as China seeks to overlay a new wave of real estate-related credit on top of the existing one. Authorities hope to build 36M low-cost homes by 2015.
Comments (1)
  • With regard to China - who can trust their accounting. Our is bad enough saturated with the fraud of overvaluing assets - don't look closely at the balance sheets of banks - but the Chinese are even less trustworthy making Enron look like the 12 sainted apostles.

     

    As to our own banks they are disaster's with accrual accounting on bad loans and the violation of nearly every Basel Agreement we signed. Now Europe is not better, I suspect, but then I don't have assets in Europe - other than friends.
    2 Jun 2011, 01:42 PM Reply Like
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