According to the WSJ (subscription required)... The SEC is checking the books at Wall Street firms, including Goldman, Bear Stearns and Merrill, to make sure they aren't hiding subprime-mortgage losses.
Mark to MARKET SUCKAS!!! hahahahhaha
Oh wait... no buy bids... no market... ooops.
Also, when a financial crisis sweeps into Europe and the US, everyone is running around screaming, "Save them! Save them! Or we risk systemic risks!"
When a financial crisis sweeps into Asia or Mexico, everyone is running around screaming, "Let them die! Let them die! Or we risk moral hazard!"
Yes... I hold a grudge. Ask an Indonesian when he watches a video of World Bank officials talking about how they dealt with the Asian Financial Crisis... The official said, "ah well, there are places we could have done better..."