Very interesting.
"Regulators could go in and do real audits of the banks, he said, instead of "conspiring in the fiction that a lot of toxic mortgage paper is worth 100 cents on the dollar, when everyone knows it isn't."
Those real audits would find many big banks insolvent, allowing the regulators (under the new rules) to dissolve them -- or, at the very least, force them to do such civic-minded things as write-down mortgage principals and increase lending to small businesses."
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