Wednesday, March 11, 2009

His Lips Are Moving?

This seems like it could be the Jeopardy Show answer to, "how do you know a banker is lying?"

The 300+ dow bounce yesterday was certainly appreciated, even overdue after the relentless reality of the past weeks. I lament however the reasons the talking heads give for this gasp as if it were an all clear signal. Citibank CEO Vikram Pandit yesterday said his bank is doing swimmingly. They even made money in the first two months of the year, which as far as I can tell from the details he gave, he may have found a twenty dollar bill in the parking garage which went straight to the bottom line.

That the chairman of the erstwhile largest money center bank would state, "we are making money," without disclosure of how much the balance sheet was impaired in the same time period is a travesty. Putting that twenty in your pocket and ignoring the detail that you lost your wallet with five hundred dollars in it is hardly full disclosure.

Bushido, the samurai code of conduct, The Way of the Warrior had seven virtues: Rectitude, Courage, Benevolence, Respect, Honesty, Honor, and Loyalty. Might I suggest the next congressional hearing begin there?

John Barnyak