Most Big Banks are Bankrupt

Jim Rogers calls most big U.S. banks "bankrupt"

"Without giving specific names, most of the significant American banks, the larger banks, are bankrupt, totally bankrupt," said Rogers, who is now a private investor.

"What is outrageous economically and is outrageous morally is that normally in times like this, people who are competent and who saw it coming and who kept their powder dry go and take over the assets from the incompetent," he said. "What's happening this time is that the government is taking the assets from the competent people and giving them to the incompetent people and saying, now you can compete with the competent people. It is horrible economics."

http://www.reuters.com/article/InvestmentOutlook09/idUSTRE4BA5CO20081211

and they all wonder why "Main Street" is so panicked about what is going on right now!  What is wrong with this guy?

this guy's a bigger bear than Jeff Mackie, talk about doom and gloom

Steve Smith:

Jim Rogers calls most big U.S. banks "bankrupt"

 

"Without giving specific names, most of the significant American banks, the larger banks, are bankrupt, totally bankrupt," said Rogers, who is now a private investor.

"What is outrageous economically and is outrageous morally is that normally in times like this, people who are competent and who saw it coming and who kept their powder dry go and take over the assets from the incompetent," he said. "What's happening this time is that the government is taking the assets from the competent people and giving them to the incompetent people and saying, now you can compete with the competent people. It is horrible economics."

http://www.reuters.com/article/InvestmentOutlook09/idUSTRE4BA5CO20081211

Dude is an idiot.  I bet he yells fire in a crowded theater just for laughs.  I can't answer for the "significant American banks" but I can tell you ours had ten times the required capital ratio and we still took TARP funds so we wouldn't look like a weak bank.  We waited till the last day to announce too and were under significant pressure to participate.

Pay no attention to this weenie.  He probably has several hundred million under management by Bernie Madoff!