monday market mutation, page-80

"as they slowly get an understanding of the magnitude of this issue."

It's not as if they don't understand the issue, it's that they are being allowed to get away with marking-to-model instead of being forced to have independant valuers put a market value on the carp that they are still overvaluing.
The gov, the regulators, the industry & wall street as a whole are all complicit in this shameless fraud.