The crux of the following testimony is between 1:20 and 2:22. In summary, if the named banks *recognize* their actual losses, then said losses exceed their total capitalization....

http://www.youtube.com/watch?v=SYCZUImNYE4

Other than the shear magnitude, how is this different from what is presently going on in Ireland regarding their real estate banking implosion?

Zombie banks....