Jim Rogers calls most big U.S. banks "bankrupt"
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DarkoakNew MemberOPNEW YORK (Reuters) - Jim Rogers, one of the world's most prominent international investors, on Thursday called most of the largest U.S. banks "totally bankrupt," and said government efforts to fix the sector are wrongheaded.
Speaking by teleconference at the Reuters Investment Outlook 2009 Summit, the co-founder with George Soros of the Quantum Fund, said the government's $700 billion rescue package for the sector doesn't address how banks manage their balance sheets, and instead rewards weaker lenders with new capital.
Dozens of banks have won infusions from the Troubled Asset Relief Program created in early October, just after the Sept 15 bankruptcy filing by Lehman Brothers Holdings Inc (LEHMQ.PK: Quote, Profile, Research, Stock Buzz). Some of the funds are being used for acquisitions.
"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.
Jim Rogers calls most big U.S. banks bankrupt | U.S. | Reuters
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anlgpNew MemberSo what the thread is tellin' me is that I should take my $ out before they have a real problem paying it to me?
"A man's suffering is similar to the behavior of gas. If a certain quantity of gas is pumped into an empty chamber, it will fill the chamber completely and evenly, no matter how big the chamber. Thus, suffering completely fills the human soul and conscious mind, no matter whether the suffering great or little. Therefore, the "size" of human suffering is absolutely relative." - Viktor Frankl
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