The idea that accounting caused the crisis is specious, but Europe’s politicians, egged on by banks that took huge write-downs when market prices swooned, have nonetheless lashed out.

The idea that accounting caused the crisis is specious, but Europe's politicians, egged on by Banks that took huge write-downs when market prices swooned, have nonetheless lashed out.

These are marked to market and have been the main source of the savage write-downs that Banks have suffered.