Increase In Third Quarter Banking Profits Largely Due To Phony Accounting Gimmicks

The FDIC’s Quarterly Banking Profile for the third quarter of 2011 shows banking industry profits increasing by 48% from the third quarter of 2010.  Aggregate net income of the banking industry for the third quarter of 2011 totaled $35.3 billion compared to $23.8 billion in the third quarter of 2010. Although traditional news organization headlines proclaimed “Strong Profit Growth […]