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Was the fraud uncovered by the crisis, or was it known about and tolerated until it turned into a crisis?
by joekrie 10y ago
Was the fraud uncovered by the crisis, or was it known about and tolerated until it turned into a crisis?
- ddebernardy 10y agoIt was uncovered by the crisis. It was laid bare when the assets banks were booking as tier-1 capital turned out to be illiquid or worthless, and often both; and when off balance sheet losses revealed they were swimming naked for the same reasons.