bank of America among companies hoarding cash!

[Housebroken13]

Citigroup, Bank Of America Among Companies Hoarding Cash

"The four largest U.S. banks by assets -- Bank of America Corp., JPMorgan, Citigroup and Wells Fargo & Co. -- have increased their combined liquidity by 67 percent to $1.53 trillion as of Sept. 30 from $914.2 billion in June 2008, before Lehman's collapse, according to the companies' third-quarter reports. The amount equals 21 percent of the banks' total assets, up from 15 percent."

[AZOwner]

Well, that is GREAT! Just a couple of notes:

Don't feel too safe in the fact that they are shoring up their cash reserves -- they should have been at even higher levels of liquidity when they were handing out money like water -- they still have MY house listed as an asset at 478 thousand dollars with the anticipated income of 44 grand a year on that mortgage. If they foreclose on my house, it will still be listed as an asset of 478 thousand dollars. If they sell it, it falls to an asset of 237 thousand dollars.

As I have said before, the banks have already failed -- they are already bankrupt. Enron accounting is alive and well. It is criminal.

REFINANCE OUR HOMES WITH TRADITIONAL TERMS, MR. BANKER. ANALYZE OUR real PROPERTY VALUES, AND PROVIDE MORTGAGES FOR THAT AMOUNT.

Until they level set their books with honest accounting, we are only digging our economy deeper and deeper. HAMP, while well spiritied, only provided additional time for banks to shore up, so when the BIG melt-down occurs, they have a chance to survive as part of their formal selves.

Disgusting.

[Social Apocalypse]

Amen Sister. Just had my house appraised... can't WAIT to see what that says. I will report it. I know it's going to be insane. I have NO faith in their accounting system, and neither should anyone else. The government should FORCE them to come clean. They don't allow us to do our TAXES that way!! We have to give ACTUAL figures, not "predicted" figures that make the numbers balance. If we don't we go to prison. Sounds like a good plan to me!

[nativelasvegan]

Time to start protesting property taxes. If value declines, so does the taxes. Does that mean the next one in the government hand out line is the County Tax Assessors?