JasonC

Disclosure from Financials? I Call B.S.

Actually he said he couldn't find the figures for owned CDO exposure or totals for things like bonds puttable back to this or that issuing bank. Which are disclosed, he just didn't know where to look for them, and they are hard to gather at present.

Accounting and disclosure won't ever eliminate the importance of exeutives on top of things and honest with investors, nor the role of analysts in determining earnings quality and the like. But they aren't garbage. Before they had their present form, companies routinely robbed public shareholders outright, in a hundred ways. Read the 1932 edition of Graham if you need any wake up on that score.