“To book a loss, a lender had to conclude it was “probable” that one had already happened.”
Funny, they don’t say it is “probable” if I miss a mortgage payment. They’re pretty good at those books and never fail to include the late fees.
Accounting is no longer balance sheets: assets vs liabilities, income vs expenses. It’s all smoke and mirrors to hide bad loans to make more bad loans. After all, why not? The fed will bail you out with taxpayer money once the public notices.
Ain’t that the truth. Out of the blue I got a $6000 tax bill from the IRS. When called they couldn’t explain it, couldn’t give me records, couldn’t say why or how. Just I had to pay it. Accountant said to pay it now and fight later since It will accrue and it could be considered a felony evasion with enough time.
My name is not Hunter Biden so I can’t get away with not paying. Ironically (pure coincidence I am sure) it happened right after Chomo Joe’s new IRS expansion to go after “millionaires and billionaires.” I am neither