wall street braces for jobs report, page-28

The XJO got smashed on Friday because the banks who have been unceremoniously ripping Australian customers off for decades, have now started to show serious cracks appearing in their receivables as a consequence of a 'lend at all costs' mentality.

Until the true value of their loans receivable is determined, the value of bank shares will continue to melt away.

Someone, someday needs to show some courage and let shareholders know what those receivables are really worth. Only at that stage will the market be able to move on.

It will be of considerable help if a few bank CEOs ended up doing a stretch in the clink as a consequence of misleading shareholders.