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The Accountants Let Us Down

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I THOUGHT IT WAS THE BOTTLE
"We now know the major banks were hiding dubious assets off their balance sheets and stretching rules if not breaking them," writes Floyd Norris on the lessons of the financial crisis. "But banks have persuaded politicians on both sides of the Atlantic that the real problem came not when their financial inadequacies were obscured by bad accounting, but when they were revealed as the losses mounted."

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