Banks in Trouble? Nah! Just Change the Rules.
Still chuggiing away at lightspeed in that alternate universe, headed for a black hole. What Fun!!
http://www.huffingtonpost.com/2009/11/05/civil-war-in-corporate-am_n_347704.html
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Still chuggiing away at lightspeed in that alternate universe, headed for a black hole. What Fun!!
http://www.huffingtonpost.com/2009/11/05/civil-war-in-corporate-am_n_347704.html
Recommended both for the classic song n' dance number "Politics Makes Strange Bedfellows" and for the cameo from our own indefatigable and cardigan-clad Elizabeth Warren.
Mrs. Warren's profession, indeed.
November 7, 2009 1:07 AM | Reply | Permalink
It's informative that E. Warren is an outsider relative to never having been a player in the intrigues of Wall Street. Some might say that leaves her short on how things really work. That may be true but insiders have a skewed perspective that renders them incapable of seeing the forest for the trees. That is the case here. Wall Street is incestuous and has bred mostly idiots and then put them in charge of the nations finances. There is a good reason why a commanding general sits atop a hill and just watches the entire battle.
November 7, 2009 5:59 AM | Reply | Permalink
And thank you, Ed Permutter (D-CO). Asshat.
I assume that this is about mark-to-market book-keeping? And is that, essentially, 'We can claim this asset will have a higher value of X at some date in the future, if we can convince our chosen ratings-regulator of same'?
November 7, 2009 10:21 AM | Reply | Permalink
It is exactly about mark-to-market. Wall Street wants to call a dog a cat and vice versa whenever it suits them. Not that they need it mind you. Geithner and co have already given them a license to steal. They just want to be able to do it without asking please.
November 7, 2009 1:56 PM | Reply | Permalink
As Dick the Moocher (as opposed to Dick the butcher) used to say:
The first thing we should do is kill all the accountants.
November 7, 2009 12:29 PM | Reply | Permalink