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A few years ago, the accounting rule makers set out to get rid of the netting, and make balance sheets more accurate.
The result would be to make balance sheets larger and debt ratios higher.Yet another goal is to shift the world's body of accounting standards away from rules (the approach favoured in America) towards principles (more influential in Britain).
This will keep profits high, make balance sheets look good, fuel higher stock prices.
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And high investment returns have fattened profits and made balance sheets stronger than for decades.
In addition to making balance sheets larger, the proposed rule would also change income statements for many companies.
Apportioning blame for the financial crisis was not part of his remit,but he lays a large part of the blame at the door of shareholders for encouraging companies to take on debt: "Three years ago there was a lot of talk about making balance sheets more efficient, gearing up, stock buy backs.
The overall effect is to make balance-sheets look a lot more patriotic.
In return, the companies are supposed to reform themselves, although many have simply cooked the books in order to make their balance sheets look better.
A third of investors polled by Barclays in January felt gross asset numbers make banks' balance sheets more comprehensible.
Things like "structured investment vehicles," for instance, were designed to evade regulations and make bank balance sheets look safer than they were.
They discovered that the companies had used a variety of accounting gimmicks to make their balance sheets look healthier and their sales and profits seem larger than was really the case.
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CEO of Professional Science Editing for Scientists @ prosciediting.com