“We did what we did, we didn’t do what we didn’t do, and the result was what happened.”
Friday, May 20, 2011
I Amend on "Extend and Pretend"
I've earlier argued that "extend and pretend" was just bureaucratic inertia--banks or bankers who knew perfectly well the game was up but who didn't have the conviction or the power to face facts. Tracy Alloway persuades me that I spoke out of ignorance--Alloway presents a very good reason for extend and pretend, rooted in the obscure purlieus of accounting rules. Sounds right, shoulda guessed.