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This month’s cover story in Euromoney is about revaluations. Accompanied by a graphic of the Marx Brothers and the tag: “The accounting farce that’s gone beyond a joke,” it would be easy to think there is something comical about what has befallen the financial markets. The reality is that although nobody has gone to jail – yet – the valuation destruction that has taken place is massive and there have been plenty of victims. In many cases, little sympathy will be shown, but do not forget that many entirely innocent people have lost their jobs. The impact is far greater than the value destruction suffered by banks’ shareholders.