http://news.bbc.co.uk/2/hi/business/7336744.stm
The IMF estimates the losses from the credit crunch reaching as high as 945 bn dollars. That is four times as much than what the banks so far have publicly admitted in public to have written off. At least it is not as much than I would have estimated (1000-1500 bn dollars minimum).
But if the IMF got it right in it's calculation, their numbers mean that the worst is still to come.
One should set a tight time limit now and cast severe penalty onto every bank that after that still needs to admit further write-offs. One needs to know now who lost how much, and how big the damage really is. Any further delays by bank actors and any further attempts to hide their own level of commitment and responsibility for this mess is unacceptable and simply means that even more damage gets created.
Moral of the story: neither banks nor the selfregulation of the market is to be trusted. Both have failed, and very much so.