Jim Sinclair’s Commentary
Think about this: US banks have the ability to value their assets however they choose, making their balance sheets a total cartoon.
The problem with falsification of legal forms on foreclosures is not resolved. Yet the rating agencies are totally silent on US banks.
The shorting of the euro operation is still progressing. But you must admit that it is making a lot less progress than the first go-around – even though the media commentary is dire and constant.
Moody’s: May Downgrade Portugal Banks
THE WALL STREE JOURNAL
DECEMBER 10, 2010, 4:55 P.M. ET
BY ALEX MACDONALD AND PATRICIA KOWSMANN
LISBON—Portugal’s banks received another blow Friday when Moody’s Investors Service became the second ratings firm in a week to threaten a downgrade over their continued reliance on funding from the European Central Bank.
Many analysts say the problem is likely to persist until the Portuguese government shores up its finances. Shares in Spanish banks also came under pressure, as investors continued to see parallels between the situations in the fiscally frail Southern European economies.
Jim Sinclair’s Commentary
So far this Friday:
Bank Closing Information – December 10, 2010
These links contain useful information for the customers and vendors of these closed banks.
Earthstar Bank, Southampton, PA
Paramount Bank, Farmington Hills, MI
