Jim Rogers calls most big U.S. commercial banks “bankrupt”

December 11, 2008 by · Leave a Comment
Filed under: Opinion 

No doubt Jim, we have a bunch of zombie Banks running around.  The proper action was to let them fail or facilitate the sale of them to other banks that can show that they are not in a distressed position.  Why do people think just because a large bank goes bankrupt that other prudently managed banks would not take their place?  

Instead we are sacrifcing the U.S. dollar and the AAA credit rating of the United State’s government debt.  If I was in charge of this situation it would of gone down differently and with this statement I am not saying there would not be pain but in the end we would emerge stronger with a much better footing for our kids and their kids.

News:

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.

Source: Reuters

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