Barry Sternlicht and this guy is pretty sharp. He was interviewed yesterday on CNBC's Squawk Box. The problem: the banks (if they had to mark their bonds to market many of them would be insolvent) and commercial real estate.
Here's a 4 minute brief excerpt (and he makes the point "the banks were following the rules"). Unfortunately the full 16 Minute interview is for pay only. But you will get the gist.
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