It turns out that Con Edison wildly underestimated the scope and scale of financial losses suffered as the result of ludicrously inadequate internal accounting controls.

FORBES: Is Wall Street Wrong About Con Edison? Probably.

In its place, the banks were given the right to determine how much capital they needed to hold as a cushion against potential losses by calculating the value of their assets using their own internal models.

FORBES: Regulatory Roulette: A Dangerous Loophole In The New Capital Requirement Rules

When a high-flying venture capitalist showed net losses year after year while trying to establish his business, the Internal Revenue Service moved in with questions.

FORBES: Audits: The IRS' Big Stick

Yet no matter who actually placed the trades, this loss not only reflects poor risk management and weak internal controls but could also reveal fraud if it can be established that trading losses were intentionally hidden, as has been alleged (and is subject to investigation by regulatory authorities).

FORBES: Banksters: The Scandals Continue

In other words, instead of manipulating loan-loss provisions, or gains and losses on derivatives, banks and companies might be tempted simply to change their internal assumptions as a way to smooth earnings.

ECONOMIST: Accounting

If he did not have other passive income those losses would have been suspended after the first few years of transition into the new regime of the Internal Revenue Code of 1986.

FORBES: The Tax Shelter from Hell - U.S. Steel Tower in Pittsburgh

The news was not entirely unexpected, following an internal reshuffle in Barclays Capital in October, when Kvalheim's responsibility for credit trading, where most of the losses occurred, was shifted to del Missier, leaving him with investment banking and loan origination.

FORBES: Magazine Article