, , , , , , , , , , , , , , , , , , , , ,

“Banks weren’t intended to be some grand confidence scheme and that’s the only thing they are now. That is the basic problem – their con game has been discovered.”

– cricketdiane, 01-23-09

Why would anyone still believe that banks are now what they used to be? There are safer profitable ways to use money, places to put money and methods for moving money than banks.

The credit rates they offer are unreliable, they change the rules in the middle of the game, they gamble the assets they hold and are so wrapped up in their own con that they believe they can value assets as they want them to be rather than what they are.

They’ve misused the profits from their activities in order to line their own pockets and risked the moneys put with them for safe-keeping. They’ve leveraged every $1 of assets many times over such that they would never actually break even if they started today using sound fiscal management.

Their willingness to trade in exotic extreme risk products and to gamble in financial markets, hedge funds and credit default swaps has decimated the real value of their businesses and destroyed any sound legal standing for their business model. They are a con game.