I was wrong on Irish banks in a big way and I didn't understand there exposure to land development loans. Terrible mistake I was not lied to I just made a mistake. Figures are available but people don't look at them. Wfc amort of core deposits which is an advantage unlike other banks but press didn't pick up on it.
With fred and fan it was pretty obvious, ironically govt was telling them to raise equity. One look at them u realized they were no good.
Cm- there is another problem GAAP allows banks to make bad loans that produce great earnings
Wb- but they are huge black box that produce numbers not cash and can cause huge problems. Financials should be considered too tough for avg investor. Read JPM dimon annual letter
Cm- I have yet to meet an acct from the big firms that says he's ashamed of his prof. Withou shame he's not thinking
