Monday, June 2, 2008

Statement 159 Financial Hocus Pocus

Its the first business day of June and the CEO of Wachovia and the Chairman of Washington Mutual are OUT. However, the securities firms are humming along as if everything is perfect because they can use "Statement 159." Merrill Lynch, Morgan Stanley, Citicorp and other securities firms used Statement 159 of the Financial Accounting Standards Board to book 12 billion dollars in profit out of New York air.

King George
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