It's not a bad idea in theory. But until the bank can actually complete a spin-off and raise external capital, the scheme to push $30bn of illiquid assets off its balance sheet is just accounting jiggery-pokery. The market has seen through that.Sign up to read the rest of this subscriber-only content, or if you are already a member please sign in here.
Forgotten your password? Get a password reminder.
This Views Flash will shortly be followed by a Considered View