Thomas Brown nails this topic on the head as there is so much hypocrisy when it comes to bank earnings. People are so quick to believe the losses are real but the profits are somehow created through “fudging” the numbers. This 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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