Citi still wants government to take toxic assets off its books, and U.S. government has a contingency plan in the making for Citi if it ever comes to the worst.
The net effect would be to achieve the same thing in abnormal times as scrapping mark to market without actually scrapping mart to market, which works well in normal times
Truth of the matter is that few of the deregulations been accused of bringing on this crisis are guilty as charged; failing to enforce the regulations there were is a bigger culprit.
Sounds as if prosecutors will look for penny-plain crimes such as false statements and insider trading by executives, rather than go after the exemplorary company takedowns of the Enron-era.
This really is a bucket of cold water. The author is Kenneth Rogoff, professor of economics and public policy at Harvard, writing in the U.K.'s Guardian newspaper. His core point is that central banks, in shoring up national banking industries by taking on financial firms' bad debt, are only putting themselves at risk.
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