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The new software IBM unveiled yesterday sounds spiffy (though I can't help but wonder why this stuff wasn't out years ago given all the hype I heard about the coming advances in transaction processing back in the day when I was tech editor of U.S. Banker, and that was ages ago). Real time is all good, no?
But let's not get carried away. Yes, the stuff is right up the banks' alley. Still, it seems to me there's no way around the GIGO problem here. In this case (as opposed to the great inventory meltdown in the last recession), the garbage involves lousy accounting.
Don't take it from me. As Charlie Munger, Warren Buffet's better business half, more or less put it recently, the banks' mark-to-model accounting makes Andy Fastow's practices look like a piker's.
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