From a story in today's Wall Street Journal - Wachovia Talks Snag Over Division of Its Assets:
After burrowing deeper into Wachovia's books, Citigroup and Wells Fargo have been surprised by the concentration of assets they regard as low-quality, these people said.
In other words, we don't have a clue as to how wide and deep (or narrow and concentrated) this problem is. Which is why we need better information on what the financial institutions are holding -- not new attempts to essentially "cook the books."
Or we have no clue if Wells Farg or Citibank is telling the full truth, or somewhere in between.