dcxavier

Would Better Disclosure Have Saved WaMu?

The quantity of the disclosures were adequate. The quality of the disclosures were terrible. The first thing JPM did was write down the assets they acquired by $31B. In other words, WM was completely insolvent, yet according to their books, they had 7.8% Tier 1 capital. It was phony baloney accounting to keep the gravy train coming. I'm sure KKK knew, but it's amazing that the BOD and Bonderman were completely clueless.