This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them. And, it happened after every government in every major nation in the world has gone over every big bank’s balance sheet. The Lloyds news is a warning signal that major US banks may not have booked all of the losses that the market expects. A brief look at estimates from the IMF to US bank analysts to pessimists like Meredith Whitney and Nouriel Roubini shows that the spread of expectations about bank earnings, losses, and viability is incredible. So little is known about the future of the financial system that trying to get to the bottom of the trouble it is like looking for a white rabbit in a blizzard.