questions asked at the Bear Stearns Hearings. In Britain, there was
once an unwritten rule that the figures published on third Wednesdays
of the month were representative of the banks balance sheets during
the whole month. The object of publication was to show compliance
with the spirit of the law. It was a surprise that American banks
operating in the UK did not enter inti thus spirit and as a result
cane begging fir finance on the make up days causing all sorts of
market upheaval.
Now the hearings are revealing to British bankers that in the USA it
is the norm not to adhere to any spirit of the law. It is accepted as
the norm to break the spirit of financial cooperation. It is not
surprising that the paria/diease of the world banking systems comes
from America.
There will be continuing turmoil in financial markets so long as US
banks misbehave in what other communities see as criminal behaviour,
and certainly not in the spirit of the law.
This necessitates a publication of the banks' balance sheets on a
daily basis!