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Another factor has kept asset management fees aloft: the rise of alternative investments, like hedge funds and private equity funds.
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If they had been structured correctly, Enron could have kept assets and liabilities, especially debt, off of its balance sheet.
Some transactions were designed so that, had they followed applicable accounting rules, Enron could have kept assets and liabilities (especially debt) off of its balance sheet; but the transactions did not follow those rules.
That means more selective lending, in order to keep asset growth under control, and the grind of rebuilding capital through retained profits.
"Balance sheet cleansing and de-levering will only continue to keep asset valuations under pressure and the probability of continued write-downs high, in our view".
If global fiscal and monetary policy keeps asset bubbles inflating, all the pain of adjustment could be postponed and expected falls in equity markets would be reversed.
In part, at least, to keep assets away from the grasping hands of the plutocrats.
BBC Worldwide may be deciding to keep assets that have growth potential.
But a desire to keep assets close to home in hard times can cut both ways, Mr. Booth said.
If debtors wanted to keep assets against which they have borrowed, they should have to pay the fair value of the assets, but nothing more.
In the meantime, banks will be able to keep assets off their books — until they have to report the losses when the assets go bad.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com