Do What I Say, Not What I Do

Last week, we utilized FBR’s Paul Miller’s analysis of the large bank’s 3rd quarter’s earnings in order to shed some light on what these results might indicate to the shipping world. This week we intend to draw again on his experience to drill down and look at the reporting and disclosure by banks of non-performing loans (“NPL”). Mr. Miller sets the stage as follows:

“While several recent bank earnings reports for 3Q09 have highlighted improvements in early-stage delinquencies and NPLs, we are concerned with the surge in loan modifications and “troubled debt restructurings” (“TDRs”), which allow banks to move

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