Moon Kil Woong
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Institutional Buying and Selling of S&P 500 Stocks by Sector [View article]
Nobody Knows What Bank Stocks Are Really Worth [View article]
The fact Wells Fargo's reporting was unclear and nebulous about where its earnings actually came from and it's loan loss reserves sank the stock even though "earnings" were positive shows the complete lack of financial credibility banks have made their financial reports. The more they ask for black boxes and exceptions the worse their plight becomes. If they didn't get what they asked for they would be better off.
In the end "earnings" must mean earnings, not cute ways of changing the value of your unsellable assets. When will bank management figure this out. Apparently never since the government is helping incompetent management stay in power.
Bankruptcy has never had a poster child extolling its virtues over preventing it as much as looking at present day financial companies. Present day management and board members must go. Their lies are choking up the whole system.