Everything you ever hated about the Financial Industry in one brief anecdote:
The check was for $6,000, an amount this sow never saw in her life. She was always overdrawn on her accounts, had well over $1,000 in fees, and was just a miserable, pathetic, excuse for a human being. But what made this great was just how obvious it was she had printed this check off of a cheap ink-jet printer.
My solution was simple — call the cops and get this vermin arrested for passing fake checks.
But oh, no. Not for the staff nor my boss. How did we know it was fake? How did we know she purposely printed this off? Besides (and pay attention to this) we needed her late and overdraft fees because those (despite never being paid) made this a profitable account.
Yep. Meets the technical definition of an asset, even if for all intents and purposes it is clearly anything but. Somewhere in the ether are a couple of quadrillions worth of complicated derivatives with all the tangible value of unicorn farts — believe me, I know from unicorn farts — that are, for the moment, being carried as assets. How long can this go on? So long as everyone agrees that these are actually assets and doesn’t try anything foolish like, oh, trying to cash them out.