The hits just keep on coming
Now you see it and now you don't accounting by our big banks!
American Express said in its annual report that if the amended FAS 140 goes through, the company would have to bring onto its books $29 billion of card loans and set aside an additional $1.8 billion in loss reserves, according to figures as of Dec. 31. American Express' loss reserves totaled nearly $3.4 billion at the end of 2008.
Citigroup, using figures as of Dec. 31, would have to take onto its books $98.2 billion of card loans, according to its annual report. The altered FAS 140 will have a "significant impact" on its financial statements, the company said in the regulatory filing. Discover currently estimates that it will have to assume $20.6 billion of card loans on its balance sheet.
What a bunch of crap... bust out the billions as unemployment skyrockets.
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