“The dichotomy between the fantasy-world of U.S. business reporting and the real world continues to widen. While media propagandists have unequivocally claimed that ‘the worst is over’ for the U.S. banking sector, the employees and shareholders of the 77 U.S. banks which have already gone belly-up this year might choose to dispute this claim.
Five more insolvent U.S. banks were seized by the FDIC in its weekly salvage operations Friday night. As is becoming increasingly common, even with the large bribes which it offers potential buyers, it couldn’t find takers for all of these bankrupt companies.
Bank bankruptcies have already more than tripled the total for all of last year, and are steadily accelerating. Meanwhile, for a nearly endless list of reasons, the crisis in this sector can only get much worse.
Thanks to the U.S. accounting ‘watch-dog’ – the FASB – legalizing fraudulent accounting (see ‘FASB strong-armed into mark-to-fantasy accounting’), the ‘solution’ which the bankster oligarchs have come up with to the mass-insolvency of U.S. banks is to simply hide a lot more bad loans. Indeed, fraudulent accounting has become a way of life for the U.S.” (Read more from seekingalpha.com)