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Reply #22: Friend of mine works at a large bank in NY. [View All]

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lurky Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Feb-20-09 07:43 AM
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22. Friend of mine works at a large bank in NY.
I won't say which one. She was basically telling me that the bad news is not over. There are a ton of "toxic" assets that have not been revalued yet because of accounting loopholes the banks are using to keep the losses off their books. Eventually, they will have to revalue them, at which time the banks will probably become officially insolvent. Pretty scary.
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