Excessive Bank Asset Writedowns

Recently, banks have been aggressively writing down their "Level 3 Assets". This has been accompanied by a management change. For example, Citigroup hired a new CEO.

The new CEO aggressively writes down assets. Perhaps, the shaky assets are written down more than necessary. After all, the "incompetent" predecessor can be blamed. Then, during the next boom, there's a miraculous recovery, and the new CEO gets all the credit.

With fiat money, all prices are arbitrary anyway!

This practice is one of many ways that corporate management, especially in the financial industry, exploits defects in the US economic system for their personal gain.