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

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

www.reuters.com

NEW 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.

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peaking 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.

"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."

www.reuters.com
(visit the link for the full news article)

When are people going to start listening to all these people that are coming forward?

Beat ya to it warren:

www.abovetopsecret.com...

I agree with the above post. By the time our idiot politicians start listening to guys like Rogers and Ron Paul, it will be too late, and the collapse will be complete. But I get the feeling that's exactly what they're trying to achieve in the first place.