Posted on 25/07/08
Balance sheet sleight of hand means U.S. banking crisis far from over
Last week U.S. bank IndyMac went bust and mortgage companies Freddie Mac and Fannie Mae were revealed to be essentially insolvent and in need of vast infusions of taxpayer money. But U.S. bank stocks rallied like crazy. Unless I am missing something here, this is utter madness.
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