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Monday, March 13, 2023 9:26:51 AM
Bove pointed out the U.S. banking system is at risk for two reasons.
“Number one, the depositors have lost faith in American banks: Forget the people who may or may not have been taking money out of SVB. Deposits in American banks have dropped 6% in the last 12 months,” he noted.
“The second group that has lost faith in the American banking system are investors,” he added. “The investors have lost faith because the American banks have a whole bunch of accounting tricks that they can play, to show earnings when earnings don’t exist, to show capital when capital doesn’t exist.”
He went on to say that accounting practices for the banking industry are “totally unacceptable,” and that banks are using “accounting gimmickry to avoid indicating what the true equity is in these banks.”
https://www.cnbc.com/2023/03/13/bill-ackman-says-us-did-right-thing-in-protecting-svb-depositors.html
“The government is now on its back feet. And the government is trying to do whatever it can to stop what could be a major, major negative thrust,” Bove said.
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