Martin Lowy

(L-R) Charles Scharf, CEO and President of Wells Fargo, Brian Thomas Moynihan, Chairman and CEO of Bank of America, Jamie Dimon, Chairman and CEO of JPMorgan Chase, Jane Fraser, CEO of Citigroup, William H. Rogers Jr., Chairman and CEO of Truist Financial Corporation, Andy Cecere, Chairman, President, and CEO of US Bancorp, and William Demchak, Chairman, President, and CEO, of The PNC Financial Services Group, are sworn in as they prepare to testify during a Senate Banking, Housing, and Urban Affairs Committee Hearing on the Annual Oversight of the Nation’s Largest Banks, on Capitol Hill in Washington, DC, September 22, 2022. (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)

Bank bosses are hiding $600 billion in unrealized losses to keep their mega bonuses. Here’s why portfolio securities should be marked to market

By Robert Litan, Martin Lowy, and others