But this was not the whole picture either. On their own, Long-Term’s vaguely worded disclosures were next to meaningless. Aside from broad generalizations such as “interest rate swaps” or “government securities,” it was impossible to tell what its assets were. The derivative disclosures were especially opaque. Imagine asking your local bank for a personal loan on the basis of your “real estate assets” without bothering to say whether the real estate was in Appalachia or in Beverly Hills.
