Actions such as selling credit default swaps based on rotten loans, money laundering, interest rate manipulation, and excessive risk-taking can be as objectively determined as financial restatements.

FORBES: It Is Time For Real Bank Clawbacks

No accounting firm wants to be investigated or sued because of a financial misstatement, and restatements and investigations frequently result in a change in auditors.

FORBES: Accounting Fraud Cases Are Dead. Long Live Accounting Fraud Cases.

Yes, the actions that led to the financial crisis did not lead to restatements, far worse, they led to massive, and, in some cases, permanent , destruction of value.

FORBES: It Is Time For Real Bank Clawbacks