"The largest investment banks are continuing to make write-downs on an ever more eye-popping scale" as credit turmoil continues, Gillian Tett writes in a Financial Times analysis. Tett is baffled that these large institutions could lose so much so fast. "It is clear that a key culprit was the issue of super-senior -- and more specifically, what senior management did (or did not) know about this asset before last August," Tett said.

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