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Ignorance, an apparent asset for some administrators, cannot be used as an all-too convenient excuse.
However, when the mispricing becomes apparent, asset prices return to their fundamental values and, as a result, present arbitrage opportunities for investors in the medium-to-long term.
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It was an issue when he ran against Ann Richards to be governor of Texas with few apparent assets other than his name and a stint running the local baseball team.
Yet Mr. Williams, who has few apparent assets and no obvious source of income, has become a major benefactor to political candidates and risen to V.I.P. status in New York Republican circles.
In many cases, business leaders may need to disclose information about the apparent assets for tax purposes.
But the Treasury secretary, Henry M. Paulson Jr., rapidly shifted the focus of the Treasury's efforts to inject money directly into banks instead, after it became painfully apparent the asset-purchase plan would move too slowly to erase the fear that is keeping paralyzed banks around the world from making loans to one another and in the broader economy.
The existing practice structure is failing because of prolonged passive disinvestment by the current owner operators as it has become apparent that their assets have no market.
A 2009 U.S. diplomatic cable released by Wikileaks observed that "[Prime Minister] Skerrit has purchased multiple land holdings in Dominica on paper worth over US$400,0000 with much higher market value, and is constructing a palatial residence in Vielle Casse, his hometown," noting the contrast between this apparent wealth of assets and Skerrit's official salary of US$ 2,000 a month.
But Reagan turned this apparent liability into an asset by portraying himself as an ordinary citizen who was fed up with a state government that had become inefficient and unaccountable.
According to the U.S. Treasury, Commerzbank agreed to pay $175,500 to settle apparent violations of Cuban asset control regulations that occurred in September 2005.
So there is no way to know how much of that apparent $18.5 billion excess of assets over liabilities is wiped out by those debts.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com