Content by Issue > Economy > All You Need To Know About Bank Balance-Sheet Fraud
All You Need To Know About Bank Balance-Sheet Fraud

Saturday, March 6, 2010
by Karl Denninger

"The FDIC's experience with seizing banks thus far suggests quite strongly that all four [Bank of America, Citibank, JP Morgan/Chase, Wells Fargo] of these entities are lying about these valuations, and that were they to be seized the loss embedded in them (and for which you, the taxpayer would be responsible) is somewhere between $1.49 and $2.99 trillion dollars.

"Incidentally, neither the FDIC or Treasury happens to have either $1.49 or $2.99 trillion laying around, and it is highly questionable if they could raise it, should that become necessary."
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