How Wall Street is going to make Enron's implosion look like an after school special

From the author of It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street, her recent article at The Daily Beast:

Again, it’s “just” a couple billion of discrepancies, but with books this massive at banks this big and risky, accuracy matters. Plus, such nuances make it extremely difficult to understand its books for regulators or the public.

And:

With taxpayers now on the hook, we need an objective, consistent evaluation of bank balance sheets complete with probing questions about trading and speculative revenues, allowing for comparisons across the banking industry. This lack of transparency leaves room to misrepresent risk and trading revenue.

The short version of her article:

She read over 1,000 pages of SEC filings of several large banks and found their publicly released balance sheets are incomprehensible and we as tax payers are now also liable since we continue to bail them out with any real accountability and the odds are, we are all screwed unless something big happens on the regulatory front.