******** Update ********** As of Jan 21, 6 am GMT, the link is back and working again. Interesting? ******************************** I guess they are trying desperately to prevent any bank runs, or a general panic. Note that while David Prosser is normally a financial markets writer, Ben Russell is a general staff writer, and may not have been “thinking clearly” when he wrote this piece. Nevertheless, once published is it right for it to be removed? Or should an amended, less controversial version been published? I do hope neither of these gentlemen are sacked for this. Please get a hold of ‘YoutubeDownloaderHD” – you can freely download and share / post this video in any way you like. Please make sure your description includes all of this text though. British banks are ‘technically insolvent’ www.independent.co.uk Google Cache page: 74.125.77.132 Original Text is here: www.infiniteunknown.net Money Saving Expert forum comments: forums.moneysavingexpert.com naked capitalism blog: www.nakedcapitalism.com Peace Full text of article: British banks are ‘technically insolvent’ By Ben Russell and David Prosser Saturday, 17 January 2009 Britains biggest banks are “technically insolvent”, Royal Bank of Scotland said yesterday, as the global banking industry was rocked by another day of turmoil, including the announcement of $23bn (£16bn) of new losses from Merrill Lynch and Citigroup, the giant US institutions. Analysts working for RBS, one of several British banks to have …
Don’t Panic – UK Government Censors news story titled “Banks are ‘technically insolvent’”?
25 Responses to Don’t Panic – UK Government Censors news story titled “Banks are ‘technically insolvent’”?
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Does not currently expect the adoption of the deferred portion of SFAS 157 to have a material
impact on its results of operations and financial condition, but will continue to assess the impact as the guidance evolves.
SFAS 161,
SFAS 160,
FSP SFAS 142-3,
SFAS 141R,
EITF 07-1 and
EITF 07-5.
……………….
This is one hell of a bomb shell in the communications. (NT)
Summary of Statement No. 157
Fair Value Measurements
Summary
This Statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements.
This Statement applies under other accounting pronouncements that require or permit fair value measurements, the Board having previously concluded in those accounting pronouncements that fair value is the relevant measurement attribute. Accordingly, this Statement does not require any new fair value measurements. However, for some entities, the application of this Statement will change current practice.
There are four main financial statements. They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders equity.
Live, Learn or get left Behind.
There are 243 financial statements.
Henry Paulson came out with, only
three pages on why the tax payers
should fork over the money.
Those few pages turned out to be
157…. aka…fasb! (Financial Accounting Standards Board)
(lol)
I can’t find institution data for (bac)
)
The last time this happen (GM) took a
dive to $1.70 a share.
Based on a fundamental stand point, GM should’nt even be trading.
I didn’t have any problems last week.
I love the 10Q’s and I hate to see it
come in the form of an 8k. It’s almost unbearable. But nonetheless they filed.
As the article is on the web for all to see it makes most of this video pretty irrelevant.
In any case anyone with a mortgage greater than their savings are ‘technically insolvent’ .. somehow they get by OK.
I found the article on the Indie website in about 3 seconds. So much for the UK Government censoring it.
The British media is full of doom and gloom, any “official censors” out there can’t be doing a very good job.
Revrun windoman says buy Barclay’s crud oil.
Ticker Symbol: (OIL)
(lol)
Citigroup’s Cashflow Statement:
Total Cash from Operations
Q4, 2007 -$71,430
Q1, 2008 +$1,586
Q2, 2009 +$53,333
Q3, 2008 +$98,775
There’s a Reinstatement in the Toxic Assets.
Enron’s Hot Sheets:
Q1 2000, Operating Cash Flows -$457 million
Q2 2000, Operating Cash Flows -$90 million
Q3 2000, Operating Cash Flows +$674 million
Q4 2000, Operating Cash Flows+ $4,652 million
Q1 2001, Operating Cash Flows -$464 million
Pro Forma Basis: (Hippies)
On October 28, 2008, Citigroup raised $25 billion through the sale of non-voting perpetual preferred stock and a warrant to purchase common stock to the U.S. Department of the Treasury as part of the Treasury’s previously
announced TARP Capital Purchase Program. All of the proceeds will be treated as Tier 1 Capital for regulatory purposes. Taking this issuance into account, on a pro forma basis, at September 30, 2008, Citigroup’s Tier 1 Capital ratio would have been approximately 10.4%.
Exercisable @ Anytime:
• $12.5 billion of Convertible Preferred Stock in a Private Offering
• Approximately $3.2 billion of Convertible Preferred Stock in a Public Offering
• Approximately $11.7 billion of Straight Preferred Stock in Public Offerings
• Approximately $4.9 billion of Common Stock in a Public Offering
Legal Proceedings:
(i) underwritings for, and research coverage of, WorldCom;
(ii) underwritings for Enron and other transactions and activities related to Enron;
(iii) transactions and activities related to research coverage of companies other than WorldCom; and
(iv) transactions and activities related to the IPO Securities Litigation.
For a country to blame a short sellers is an utter embarrassment.
I am mad as Hell.
Just about every Bank in England took Russian Rubles with arms wide open.
Hippies!
(lol)
The NASD won’t allow me to short Bank of America under $5.00 a share.
Video from youtube: Ali in Barclays Bank.
Profile: Fun with Ali.
Someone looking out for him with love.
Country: United Arab Emirates
Do you remember when Bush cut oil productions by one tenth of one percent and oil prices took off from $100 a barrel to $150 a barrel?
It would be easy to say that it is the speculators fault.
The Prince has most of his money in none voting rights ‘Preferred Stocks.
(Citigroup)
FeverIAm Wrote:
I fell into a burning ring of fire.
He through it out there…
Come, join the dark side…
(figure of speech-starwars)
(lol)……………………………………………
Barclays Bank iPath S&P GSCI Crude Oil TR Index due ETN due 8/14/2036
Ticker Symbol: (OIL) CUSIP: 06738C786 Exchange: NYSE
You may lose some or all of your principal if you invest in the Securities.
Come, join the dark side…
(figure of speech-starwars)
(lol)
Much ado about nothing?
It’s well known that the media is trawled daily by researchers in the halls of power, that they of course can and do make requests accordingly. That article was clearly a probable catalyst for panic and, by request, the newspaper probably weighed the ethics of pulling it or leaving it. After all, public confidence is #1 prerequisite to any possibility of solving this crisis.
1st time reading your stuff. I like it, it’s refreshing, I think you’re my new addiction.
BBC youtube clips have also been removed that commented on the same info – I thought this was strange
Here is another song Jonny Cash Wrote:
I was sleeping in a Hotel…..
I was sleeping in a Motel….
I was sleeping on the street,
You should see my dirty feet.
Yahoo!
(lol)
FeverIAm Wrote:
I fell into a burning ring of fire
I went down, down, down, and the flames went higher
and it burns, burns, burns
the ring of fire, the ring of fire.
What a voice
Peace
I drink from time to time but gee wizz Mr.
It’s as if I am surrounded by Canadian Hippies Aeh’ (!)
(lol)
There are four main financial statements. They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders equity.
Live, Learn or get left Behind.
You are right. It the Independent link wasn’t working this morning.
I looked it up to forward the info to a friend just now, and it works.
Thanks for your videos. It’s interesting to see the race to hit the ground first between here (New York city) and there (London).
Now that emperor Obama’s coronation is complete, it looks like we will win!