Monday, October 18, 2010

Dysfunctional Banks - The Optics Look Bad

You can't open the paper without reams of articles on the further meltdown of our banking system.  Now, 'Foreclosure-Gate' soaks up ink, like Goldman-Sach's investment bankers soaked up bonuses predicated on selling lousy securities made up of lousy mortgages to unsuspecting institutional investors who were duped by compliant ratings services.  Moody's really set the mood!

Of course, the optics of the whole deal look bad . . . but not as bad as this analyst's webcast talking to an outside expert who looks like he's simulcasting from county lockup! Check it out. . . .

Does this guy not look like he's wearing a prison jump suit? With the orange suit and the do-it-yourself haircut he looks like he's on a video remand hearing, rather than offering financial insight. I gotta shake my head.

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