<?xml version="1.0" encoding="utf-8"?>
<rss version="2.0" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom">
	<channel>
		<title>At What Point Does Accounting Gimmickery Become an Outright Lie? Let's Ask PNC</title>
		<description>Discuss At What Point Does Accounting Gimmickery Become an Outright Lie? Let's Ask PNC</description>
		<link>http://boombustblog.com/reggie-in-the-news/item/1093-at-what-point-does-accounting-gimmickery-become-an-outright-lie-lets-ask-pnc</link>
		<lastBuildDate>Fri, 24 May 2013 00:50:23 +0000</lastBuildDate>
		<generator>JComments</generator>
		<atom:link href="http://boombustblog.com/component/jcomments/feed/com_k2/1093/10" rel="self" type="application/rss+xml" />
		<item>
			<title>NDbadger says:</title>
			<link>http://boombustblog.com/reggie-in-the-news/item/1093-at-what-point-does-accounting-gimmickery-become-an-outright-lie-lets-ask-pnc#comment-2653</link>
			<description><![CDATA[My guess is that the change in treatment of the 90 day bucket also explains why NPA continue to rise at a rapid clip. Seems like the bank should have taken provisioning up. But the Fed (and Treasury?) are doing another round of stress tests this quarter, so banks are under pressure to make their results as strong as possible. This could explain the strange accounting behavior. If so, PNC (among others) could turn ugly very quickly. I see this shit and I don't want to take my shorts off, but the market keeps going up. I guess this is what investors felt like when they were shorting the internet bubble.]]></description>
			<dc:creator>NDbadger</dc:creator>
			<pubDate>Thu, 05 Nov 2009 20:40:50 +0000</pubDate>
			<guid>http://boombustblog.com/reggie-in-the-news/item/1093-at-what-point-does-accounting-gimmickery-become-an-outright-lie-lets-ask-pnc#comment-2653</guid>
		</item>
		<item>
			<title>Ken09 says:</title>
			<link>http://boombustblog.com/reggie-in-the-news/item/1093-at-what-point-does-accounting-gimmickery-become-an-outright-lie-lets-ask-pnc#comment-2655</link>
			<description><![CDATA[First Time, Long Time (RealMoney Silver $) By Doug Kass Buying an investment position in PNC (PNC) and taking a trading long in JPMorgan (JPM). 02:09PM 10/30/09 Article Break In! (RealMoney Silver $) By Doug Kass Goldman Sachs reiterates sell recommendation on AvalonBay (AVB). 01:59PM 10/30/09 Article Trading Update (RealMoney Silver $) By Doug Kass I am all-in long Bank of America (BAC) now. 01:49PM 10/30/09]]></description>
			<dc:creator>Ken09</dc:creator>
			<pubDate>Fri, 30 Oct 2009 18:29:32 +0000</pubDate>
			<guid>http://boombustblog.com/reggie-in-the-news/item/1093-at-what-point-does-accounting-gimmickery-become-an-outright-lie-lets-ask-pnc#comment-2655</guid>
		</item>
		<item>
			<title>Anthony Harrison says:</title>
			<link>http://boombustblog.com/reggie-in-the-news/item/1093-at-what-point-does-accounting-gimmickery-become-an-outright-lie-lets-ask-pnc#comment-2659</link>
			<description><![CDATA[Banks had dug up graves for themselves and in order to save themselves, I believe, there will be more cases of accounting gimmicks involved. We have highlighted a handful of these, and you will discover a few on your ownâ€¦ All we have to do is keep our eyes open and believe in the all supreme â€œcommon senseâ€. According to Foresight Analytics, California, delinquent payments 30 or more days late reached 4.3% during the 2Q09, the worst since the recession in the early 1990s. An estimated $7.0 billion of commercial mortgages were in foreclosure in 2Q09, nearly four times the level in 4Q07, when the recession began. Because banks are getting clobbered by bad commercial real estate loans, financing for development deals is hard to come by. The problem is compounded by lower prices for commercial real estate properties, which have fallen 24% during the past year. Commercial real estate prices are depressed and performance has been poor, with delinquencies and defaults rising. Commercial mortgage defaults jumped four-fold, from $9.4 billion in 4Q07 to an estimated $38.0 billion in 2Q09, according to Foresight Analytics. Just as mounting job losses exacerbated the subprime mortgage crisis nationally, banks are coping with business failures across the country, fueled by the recession. According to the American Bankruptcy Institute, 16,014 businesses filed for bankruptcy in the 2Q09. That's the most of any quarter in 15 years, and double the 7,985 filed in fourth-quarter 2007, when the recession began. The ABA's composite ratio, which tracks eight loan categories, hit a new high of 3.35% of all accounts; the highest recorded since the industry group began tracking the rate in the mid-1970s, and tops the previous record of 3.23% set in 2Q09. Can we expect banks to get out of this mess anytime soon? The problems are so severe that any near-term improvement in fundamentals of banks should come as a surprise to us. As a result, accounting irregularities are increasingly being witnessed in the US. US Securities and Exchange Commission (SEC) had recently launched an informal inquiry into revenue recognition practices of Apollo Group Inc. Internet retailer Overstock.com underwent scrutiny from government regulators last month over accounting of certain expenses. These two companies are some of several big-names that disclosed accounting irregularities over the last few weeks. The current environment is merely propagating the concept of â€œsurvival of the fittestâ€. And to prove to the general public that they are fit enough to carry on; banks may reveal a little and hide a little.]]></description>
			<dc:creator>Anthony Harrison</dc:creator>
			<pubDate>Fri, 30 Oct 2009 13:04:58 +0000</pubDate>
			<guid>http://boombustblog.com/reggie-in-the-news/item/1093-at-what-point-does-accounting-gimmickery-become-an-outright-lie-lets-ask-pnc#comment-2659</guid>
		</item>
		<item>
			<title>Reggie Middleton says:</title>
			<link>http://boombustblog.com/reggie-in-the-news/item/1093-at-what-point-does-accounting-gimmickery-become-an-outright-lie-lets-ask-pnc#comment-2658</link>
			<description><![CDATA[Go to the zerohedge article linked, or you can get it from their front page: http://www.zerohedge.com/article/wall-street-circle-jerk-trust]]></description>
			<dc:creator>Reggie Middleton</dc:creator>
			<pubDate>Tue, 27 Oct 2009 19:09:20 +0000</pubDate>
			<guid>http://boombustblog.com/reggie-in-the-news/item/1093-at-what-point-does-accounting-gimmickery-become-an-outright-lie-lets-ask-pnc#comment-2658</guid>
		</item>
		<item>
			<title>NDbadger says:</title>
			<link>http://boombustblog.com/reggie-in-the-news/item/1093-at-what-point-does-accounting-gimmickery-become-an-outright-lie-lets-ask-pnc#comment-2660</link>
			<description><![CDATA[none of the links to Mayo's graphs and WSJ article are working properly. thnak,s]]></description>
			<dc:creator>NDbadger</dc:creator>
			<pubDate>Tue, 27 Oct 2009 19:02:51 +0000</pubDate>
			<guid>http://boombustblog.com/reggie-in-the-news/item/1093-at-what-point-does-accounting-gimmickery-become-an-outright-lie-lets-ask-pnc#comment-2660</guid>
		</item>
		<item>
			<title>Reggie Middleton says:</title>
			<link>http://boombustblog.com/reggie-in-the-news/item/1093-at-what-point-does-accounting-gimmickery-become-an-outright-lie-lets-ask-pnc#comment-2664</link>
			<description><![CDATA[From those smart ass guys (and gals) over at Zerohedge.com (http://www.zerohedge.com/article/wall-street-circle-jerk-trust): http://www.zerohedge.com/sites/default/files/images/Circle Jerk.png Priceless!]]></description>
			<dc:creator>Reggie Middleton</dc:creator>
			<pubDate>Tue, 27 Oct 2009 17:28:04 +0000</pubDate>
			<guid>http://boombustblog.com/reggie-in-the-news/item/1093-at-what-point-does-accounting-gimmickery-become-an-outright-lie-lets-ask-pnc#comment-2664</guid>
		</item>
		<item>
			<title>shaunsnoll says:</title>
			<link>http://boombustblog.com/reggie-in-the-news/item/1093-at-what-point-does-accounting-gimmickery-become-an-outright-lie-lets-ask-pnc#comment-2663</link>
			<description><![CDATA[GREAT catch. There is nothing I wouldn't pay to have the CFOs of these banks and Reggie sit down live on CNBC and get some honest answers.....]]></description>
			<dc:creator>shaunsnoll</dc:creator>
			<pubDate>Tue, 27 Oct 2009 16:17:08 +0000</pubDate>
			<guid>http://boombustblog.com/reggie-in-the-news/item/1093-at-what-point-does-accounting-gimmickery-become-an-outright-lie-lets-ask-pnc#comment-2663</guid>
		</item>
		<item>
			<title>NDbadger says:</title>
			<link>http://boombustblog.com/reggie-in-the-news/item/1093-at-what-point-does-accounting-gimmickery-become-an-outright-lie-lets-ask-pnc#comment-2662</link>
			<description><![CDATA[you are good.]]></description>
			<dc:creator>NDbadger</dc:creator>
			<pubDate>Tue, 27 Oct 2009 12:13:25 +0000</pubDate>
			<guid>http://boombustblog.com/reggie-in-the-news/item/1093-at-what-point-does-accounting-gimmickery-become-an-outright-lie-lets-ask-pnc#comment-2662</guid>
		</item>
	</channel>
</rss>
