If you can’t blind investors with brilliance, baffle them with gussied-up balance sheets. That’s the approach banks have taken to try and escape the legacy of bad lending and investing.
First, banks got bought-and-paid-for backers in Congress to ram through an easing of accounting rules that let them pretend they know better than financial markets when it comes to the value of securities they hold. Now, the banking industry is fighting a rear-guard action to keep trillions of dollars in assets hidden in vehicles that don’t show up on their books.
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