Mark to Fantasy accounting.The figures the US banks are now...

Mark to Fantasy accounting.

The figures the US banks are now reporting are the result of Fantasy accounting believed by the gullible.

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Now here's an analyst who shows us us how banks can con the investing public with fairytale profits. Of course the financial TV cheer leaders are in raptures about a banking recovering. Where's their responsibility to the viewing audience?

"Wells Fargo’s Profit Looks Too Good to Be True

Commentary by Jonathan Weil

April 16 (Bloomberg) -- Wells Fargo & Co. stunned the world last week by proclaiming it had just finished its most profitable quarter ever. This will go down as the moment when lots of investors decided it was safe again to place blind faith in a big bank’s earnings.

What sent Wells shares soaring on April 9 was a three-page press release in which the San Francisco-based bank said it expected to report first-quarter net income of about $3 billion. Wells disclosed few details of what was in that figure. And by pushing the stock up 32 percent that day to $19.61, investors sent a clear message: They didn’t care.

Dig below the surface of Wells’s numbers, though, and there are reasons to be wary. Here are four gimmicks to look out for when the company releases its first-quarter results on April 22:..."

Full article at

http://www.bloomberg.com/apps/news?pid=20601039&sid=a6sv0hG.nW7g&refer=columnist_weil

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"Today, we have a global financial system that is morally bankrupt, shrouded in secrecy and devoid of transparency. Today, we have men in the financial industry that abuse their positions of authority to plant stories in the media that distort the truth so massively that they must continue to tell more lies to cover up past lies. In fact, the lies of the financial industry have become so repetitive and predictable, that one week before big US banks started to declare their earnings this season, I wrote an article here that stated Big Banks would announce surprisingly positive earning statements based upon Enron-style accounting tricks, and indeed they have.

And don’t expect any negative news when the US Treasury and the US Federal Reserve publicly announce the results of their “stress tests” on the 19 largest US banks by the end of this month. The “stress tests”, most of which have now been completed, were such a joke that even the Federal Deposit Insurance Corporation called them pointless and devoid of credibility. The “real facts” will never be told by any of the men that have led us into the crisis for they have not the courage nor the moral character to do so. The “real facts” are that this crisis was triggered not by subprime mortgages, commercial paper, financial derivatives, collapsing stock or bond markets, but by a fraudulent monetary system. A fraudulent monetary system allows for massive distortions in capital markets that would be near impossible with the implementation of a sound monetary system."

Full article Let's Keep Big Banks from Ruining America Forever by J. S. Kim at http://seekingalpha.com/article/130931-let-s-keep-big-banks-from-ruining-america-forever