Bank of America Takes Accounting Fraud A Step Further

Mind you this is only "the norm" now... ``Bank of America reported net income of $6.2 billion this morning. As explained in my posts on JPM and Citigroup, the banks are using non-cash, non-economic accounting loopholes that allow them to basically create paper income in order to dress up their earnings reports and make them look good to the majority of investors and analysts who only look at headlines and/or only analyze the useless GAAP income, balance sheet and cash flow statements. ''