Good question....

I liked this question from today's leader in the Independent...

Both RBS and HBOS launched rights issues last year, tapping their existing shareholders for more capital. This was justified as an emergency and one-off measure. Yet this capital raising was followed by heavy asset write downs and a share price collapse. Did management know what was coming when they made their appeal for more cash from shareholders?

What did they know? When did they know it? Above all, did they write anything down?