Just a short note on this. Think about it. Why would he have taken the money and used it for a condo when he had to cover bank losses on mortgage loans that were in default? Answer: the bank had no losses, so there was nothing to account for. This money wasn’t income. It couldn’t […]

Tags: accounting for banks, bailout, banker, Condo, FASB, gaap, securitized loan
Posted in Corruption, securities fraud |