Alex’s Notes: Any one else besides me disgusted with this stuff?
I mean seriously, when the time comes that the normal course of natures laws forces corrupt financial firms to pay for their hubris, arrogance, and outright fraud in leveraging assets into the stratosphere, and they get off the hook by simply changing the rules?
These people have no shame.
A society that promotes lies (make believe computer based asset valuation by fiduciaries) as truth (real value) for the profit of the few is NOT a society, but rather a group of animals destined for their own immediate destruction.
–Jim Sinclair
Accounting rule change hopes spur Wall St. rally
By Ellis Mnyandu Ellis Mnyandu – Thu Feb 5, 5:06 pm ET
A trader works on the floor of the New York Stock Exchange, January 21, 2009. Reuters – A trader works on the floor of the New York Stock Exchange, January 21, 2009. IBM and a rebound in bank …
NEW YORK (Reuters) – Stocks rallied on Thursday on investor hopes that the government’s plan to shore up the financial system will include a change in accounting rules that would stem bank write-downs and spur lending.
Bank stocks reversed losses in late morning to lift the Dow off its lowest level since the bear market low of November 21.
Bank of America (BAC.N) finished up 3 percent, while JPMorgan (JPM.N) rose 2.1 percent and the S&P financial index (.GSPF) rose 1.4 percent. A solid January sales report from Wal-Mart (WMT.N), coupled with better-than-expected reports from a few other retailers added to the positive tone.
“Anything that helps the banks is helpful for the economy if they can start lending,” said Giri Cherukuri, head trader at OakBrook Investments LLC, which oversees $1.3 billion in Lisle, Illinois. “Wal-Mart news was good, so that also helped.”
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