real estate crisis

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Lies, damned lies and BFA accounting

MADRID | Ever since double entry accounting was developed in Middle Age Italy, banks have been able to mask shortcomings till the very verge of their implosion. After all, in every single balance sheet, assets always match liabilities to the last penny. The figures’ real value just becomes a matter of opinion, as recent discomfitures have shown. Lehman Brothers led the way many others have followed. The turn has come now…