"... my best estimate is that a full thirty percent of the market's current "value" is based upon fraud and deception, and not on actual value"
... says Genesis (Karl Denninger) on his site, Market Ticker yesterday. He has already organised a petition, and is now calling for a shatteringly large class-action suit against American banks.
Not sure about the class action; but the valuation 'fraud' analysis is extremely interesting.
ReplyDeleteI know quite a lot about Enron, *ahem* and as you might recall am always on the lookout for meaningful analogues. This may be not so much analogous as identical !
Clear a few more spaces in the prison executive suite ... (or perhaps bankers are better connected than Jeff Skilling)