stonebluff

Citigroup: A Simple Analysis of a Terribly Complex Company

Beware of assuming that mark to market should be a mantra. When the Fed racked interest rates up to 20% in the early 80's, probably every commercial bank in the US was broke bcause of depreciation in its assets. A bank of which I was a director was under water because of depreciation in its impeccable loan portfolio alone.. The regulators and bankers very sensibly ignored the mess. They have to have that flexibility.

An analysis of book value that is made based on intangibles based on what every credit trainee is taught not to do.