Although I think that the WSJ was accurate in the numbers it reported, I wonder if some of those banks and investment firms that wrote down the values of their loans, may have been over conservative. If they write down large numbers now, their excuse is that it was expected. That way, in a few months they can start writing up the value of their loans in a few quarters and make themselves look great.
Exactly what I wrote an hour ago. Hey are you copying me? IMO a lot of those bank jokers were seeing their stocks down more than 50% and decided they had little to lose and wrote a whole lot of stuff down to nothing. In the future, they can reintroduce some of that value to their balance sheets and look like heros. Maybe WSJ should look at those guys, not at ACAS...JMO
Sounds good. But if any of these write downs are applied for tax relief reasons they had better be careful. You can bet the IRS will be watching the 2008 tax returns very closely for all the financial companies.