Rules regarding how banks account for off-balance sheet interests are irretrievably broken, a senior group of international rulemakers has warned . . .
Millions or billions in risky mortgage loans were sold to unsuspecting investors. Who bought this garbage _________? Foreign investors, foreign governments and state pension plans in the U.S. are at the top of the list. There are rumors on Wall Street about mortgages being sold several times: In other words, there may have been major bank fraud here.
It sounds like accounting 'professionals' are urging lawmakers to sweep this scandal under the rug. 'We need to do something,' they say, 'But don't look over there.'
That is why taxpayers must strongly object to a wholesale whitewash and a total bank bail-out. A real investigation must take place. Otherwise taxpayers will be saddled with this mess for generations while the crooks sail off into the sunset. 'Nuff said.
Carolyn