Thomas Brown nails this topic on the head as there is so much hypocrisy when it comes to bank earnings. ┬áPeople are so quick to believe the losses are real but the profits are somehow created through “fudging” the numbers. ┬áThis is the type of sentiment that has created the opportunity to buy some of the highest quality large banking franchises at fractions of tangible book value.

http://bankstocks.com/ArticleViewer.aspx?ArticleID=6488&ArticleTypeID=2

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