Well, we've just been given a peek behind that curtain.
Citigroup's $1.1 Trillion of Mysterious Assets Shadows Earnings
To lose the full amount, all the assumed assets would have to be written down to zero. The figure exceeds Citigroup's market value of about $90 billion, which dropped more than $180 billion since the end of 2006.
Emphasis added by me.
Hey, why shouldn't Citi lose that trillion?
Maybe that's the trillion that's been talked about here and here and here and here.
And all this time we've imagined it would be a vast collection of firms disappearing into the quicksand.
Well no. It can be just one company!
Is that one company CitiGroup?