"The [SEC] recommended against suspending fair-value accounting rules, instead suggesting improvements to deal with illiquid markets and reducing the number of models used to measure impaired assets. ... The banking lobby has argued that financial institutuons have been forced to write off still-valuable assets because the market for them has dried up creating a spiral of write-downs and asset sales. The report said that staff found no evidence to suggest that the accounting rules has played a significant role in the collapse of U.S. financial institutions", Michael Crittenden at the WSJ, 31 December 2008.
Even the SEC gets one right once in a while.
6 comments:
I want the SEC to win a million times.
Someone has to push back on the greedsters.
The greedsters ran rampant all around the globe...look at the damage they did.
CNC guillotine or jail or both.
And this was a BIG win for us peons.
Thank you to the anti-greedsters...
I also wish they would get a CNC guillotine and USE it.
Anonymous:
Look up in the sky. "It's a bird. It's a plane. No, it's the" Mossad? With apologies to the 1952-58 Superman television show. We need the Mossad to do "an Eichmann". Kidnap the miscreants, pack them into banana crates, then send them to India or China. Does that work for you?
Madoff is Jewish, the Mossad can start with him.
IA... yes I like that idea very much... although if we did a thorough house cleaning shiploads full of crates would be necessary.
We decay while Wall Street plays.
Anonymous:
There is always an opportunity. Invest in crate manufacturers!
Regulators. And regulators for the regulators. And more rules. And rules on top of those.
I'm sure this can generate a whole lot of paper but will it really help?
Why are these people (401(k)/retirement) in the stock market anyway?
It's because the dollar won't hold it's value over time. Fix that and very few would venture into the stock market at all -- just save cash, possibly some really secured bonds. No more is needed.
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