Great article from The Atlantic summarizing the sad situation that US banks are able to conceal the true state of their financial health through legal loopholes.
Article starts with a broad summary then gets good and wonky (we like that!)
Good quote: “Investors can’t truly understand the nature and quality of the assets
and liabilities. They can’t readily assess the reliability of the
capital to offset real losses. They can’t assess the underlying sources
of the firms’ profits. The disclosure obfuscates more than it informs,
and the government is not just permitting it but seems to be encouraging
Check it out.