coloneldebugger's  Instablog

Five companies supposedly hold derivitives worth $296,000,000,000,000

Exactly which accountant with valid a CPA can justify the existance of this amount of money?


www.cfo.com/article.cfm/14113089?f=most_read


For a reference point, $296,000,000,000,000 is equivilent to approximately 825 Exxon Mobils in terms of market capitalization. 

Again, I point out the major problem we have in our financial world is our accounting practices.  The Goldmans, Enrons, Adelphias, etc. they all just take advantage of the make believe that accountants generate.  Disney's Imagineers can't even approach this level of fantasy.

...things simply cannot be going well.

 

www.news.com.au/business/story/0,27753,2...

 

 

www.foxbusiness.com/story/markets/al-lewis-wells-fargo-bank-sues/

There is simply no end to the utter stupidity in the financial markets.  Wells Fargo has filed suit in a foreclosure case against, wait for it, Wells Fargo.  Itself.  Since Wells holds a first and a second mortgage on a condo the first mortgage is suing all lien holders on the property, including itself. 

Wells Fargo's two law firms didn't return messages to explain their filings.

Well no shit.  They're too busy laughing their asses off driving a trunk full of cash to bank thanks to Wells.  Once again where is our brilliant and fair judicial system to look at cases like this and say, "get the fuck outta here with this shit"?  I guess that would cause too much of a tear in the fraternity of lawyers.  We certainly can't have our judicial system show any signs of reasonableness. 

So, taxpayers, who pay for the judicial system get screwed again.  This time by a bank who was handed billions from the taxpayers.