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Preliminary Analytics | 11.02.09

PiggyBank_broken.jpgPandit ‘Near Death’ Cash Hoard Signals Lower U.S. Bank Profits – “The four largest U.S. banks by assets — Bank of America Corp., JPMorgan, Citigroup and Wells Fargo & Co. — have increased their combined liquidity by 67 percent to $1.53 trillion as of Sept. 30 from $914.2 billion in June 2008, before Lehman’s collapse, according to the companies’ third-quarter reports.” [Bloomberg]
Sarbanes-Oxley 404(b): Auditors’ Reports on Internal Controls — A Shot in the Arm, or a Poke in the Behind? – “Veteran readers here know my deeply skeptical view that Sarbox was never more than a knee-jerk political feel-good exercise – going back to my July 20, 2002 column in the International Herald Tribune: ‘any legislation receiving the bipartisan margin of 97-0 is bound to be fundamentally defective.'” [Re: Balance]
Zombies Among Us: The Mainstream Media and Financial Journalism – Are the MSM gobbling the Big 4 PR? [Re: The Auditors]
CIT: A Different Kind of Bankruptcy? – If by different, you mean, “taxpayer money flushed down the toliet” then, no. [JDA]
Delaware Beats Switzerland as Most Secretive Financial Center – The IRS’ busting up the whole secret Swiss bank thing probably didn’t hurt the First State’s run at double-secret probation banking Mecca. [Reuters via NYT]