The accountants also propose changes to financial reporting, some of which would help in a situation like Enron's where vast liabilities grow in the shadows until their disclosure is lethal.
The Financial Services Authority FSAA) is fighting tooth and nail to avoid publishing details of its exhaustive investigation into RBS – a bank that had to be semi-nationalised two years ago at a cost to taxpayers of £45bn after running up vast liabilities on toxic loans.
His situation dramatizes the potentially vast financial liability to which hundreds, perhaps thousands, of savings and loan directors are exposed.
The allocation of church funds is a crucial way of effecting change in an institution whose running costs are about £1bn a year (much of it going to cover its vast pensions liability).
The consequence of allowing individuals with no injury to be plaintiffs, and to sue for damages set by statute and not tied to any actual loss, is to allow the aggregation of large numbers of claims, giving rise to vast potential liability and undermining the just adjudication of claims.
Former flag-carriers struggled with the legacy of older fleets, large networks, uppity unionised workforces and vast pension liabilities.
What's more, the potentially vast legal liabilities stemming from the attack will make it difficult if not impossible for airlines to secure new loans or to renew insurance contracts.
I haven't heard a peep from my state's insurance regulator, for instance; evidently this official is blithely uninterested in just how much capital I've set aside — hang on while I go through the sofa cushions for change — to cover the vast potential liabilities lurking on our family's balance sheet.
Facebook, LinkedIn and Yahoo are also worried the Ninth Circuit's reasoning could expose them to vast new liabilities.
Energy officials and outside experts agree that the department has serious problems, with roots in the vast responsibilities and liabilities incurred during the cold war in making 70,000 nuclear arms.
In the committee report in support of the proposed legislation, Senator Brown describes the safety net that covers the vast majority of liabilities in the American financial system: underpriced federal deposit insurance, access to the Federal Reserve's discount window and the "implicit guarantee" of solvency given to the large banks under the "too big to fail" doctrine.
