[...] some of the banks have come out and said that their business in January and February and March was profitable—Citi was the first to do it, Bank of America said so, Goldman actually reported this week. Personally, I think it’s a load of bollocks. I mean, as a bank, you have a lot of freedom to mark your assets where you please, particularly the loan book. You can show a profit, you can show whatever profit you want. You have a lot of scope to manage your P&L [profit-and-loss statement]. In the emerging markets I’ve often seen banks showing quarterly profits until the day they go belly-up.