Publicly traded banks which come clean about the real value of their bad loans get punished by the market, so they have adopted a "delay-and-pray" strategy.
How many "zombie banks" are still out there? As long as they keep playing tricks and papering over their losses, we won't know for sure... until it's too late and it causes a financial crisis and a call for another expensive government bailout.
By Jonathan Weil
January 12, 2012 | Reuters