[sgbuffett]

On the eve of the financial crisis in 2008.
, several pundits explained how layering of bad debs allowed many banks who overleaveraged conceal losses and appear to stay solvent 

Later the Fed would come in inject liquidity and rescue all the too big to fail banks. However, it was just a lifeline. Inside is still rotting.

Recently we saw Credit Suisse. Also a big name from that era
just collapse like that the full explanation of its financial structure is not told