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There was no capital hole at Lehman, he told the Commission in his own testimony on Wednesday.
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Believers in China's banking system will say this not only fills the capital hole but creates room for yet more growth ahead.
ECONOMIST: Chinese banks
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More definitively, the Bank of England says that the banks will not be able to fill the capital hole through retaining earnings, or via the profits they generate.
BBC: How big is the 'material' hole in banks?
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Yes, most entrepreneurs do fail, and in doing so apparently flush capital down a hole.
FORBES: Magazine Article
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Even if they could, basic accounting requires new capital to fill the hole left by the departing assets.
FORBES: Magazine Article
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They needed additional capital to fill that hole.
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The move is likely to be part of a package of spending cuts and tax hikes, including a sharp rise in the capital gains tax, to cure a gaping hole in the budget.
FORBES: Playing A Hike In The U.K. VAT
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With all the uncertainties about how the Co-op will fill the hole in Co-op Bank's capital resources, it seems unlikely that the PRA will remain quite so arms length.
BBC: Why didn't FSA block Co-op's planned expansion?
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The banks that needed additional capital, as confirmed through a rigorous screening process by their regulators, had a hole to fill.
FORBES: Fiscal Cliff Lead Negotiator Timothy Geithner Is The Right Man For The Job
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But there is no way to carve out venture capital from the bill, without risking buy-out shops wiggling their way through that hole too.
ECONOMIST: Private-equity firms battle to keep their tax perks
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The liberal grandchildren of legalization advocates will grumble about the soulless marijuana corporations and the conservative grandchildren of anti-legalization activists will play golf at the country club with marijuana inc. executives, toast George Soros at the 19th hole afterwards and discuss how they can get the damn liberals in Congress to stop blocking capital gains tax cuts.
FORBES: Free Market Marijuana