"Their bonuses were based on profits they never made and the leverage they never could have gotten if the numbers were right - no one would've given them the money in their right mind," Davidowitz says.
I've been saying from DAY ONE of this rally that it coincided with the GAO decree that "we will suspend (reality) mark to market accounting rules" then SPX profits and in particular BANKING PROFITS appeared to recover and soar, even as housing vaues continued to fall!
Because of this GIFT, THEY were (you know who the lucky insiders) able to pay themselves near RECORD BONUSES! even as we got all the talk of "transparency" "Fairness" and NO THEY WON'T, but YES THEY DID.
Who isn't sick of this? "CHANGE"? Obama has brought us lots of change.....people flocking to Costa Rica and Ecuador in record numbers.... IF Change means LIP SERVICE and BIZ AS USUAL....we got extra helpings of that from the ONE TERM WONDER.
D
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