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05-12-2009, 02:54 PM #1
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Chanos: Banks Pulled Off Biggest Heist Ever
Chanos: Banks Pulled Off Biggest Heist Ever
Monday, May 11, 2009 10:30 AM
By: Julie Crawshaw
Kynikos Associates head James Chanos says banks knowingly booked inflated earnings when they sold the financial products that led to their downfall — and then those earnings wound up in bonus pools and lining bankers’ pockets.
"It's the heart of one of the greatest heists of all time," Chanos told Forbes.
Chanos says that by booking assets at a higher than market price, banks effectively reported earnings that never existed. Those earnings first went into a bonus pool that was paid out to bank executives.
“There’s no doubt in my mind that this is fraud,â€Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
Laura Loomer - Woke up this morning to a @nytimes article...
03-27-2024, 11:36 PM in General Discussion