Asset Managers and Nationalization
Brief note…more to come later…
Asset managers getting hammered pre-market because of State Street numbers, and disclosure of at least $10B in losses for next quarter.
Why they didn’t just include it in this quarter, even though their stock is taking the hit because of the disclosure, defies logic. What’s going on? Could this get any more orchestrated?
These are all accounting losses on portfolio mark downs. Congress could solve the nations so-called banking crisis by changing market-to-market accounting.
However, without the crisis, and massive accounting derived losses, there would not be “nationalization” of key strategic national banks, and without nationalization of some sorts, western style capitalism would be at a disadvantage to eastern (i.e. Chinese) style capitalistm…more on this later…
