Anyone watch the House Financial Services Committee Hearing on mark to market accounting March 12, 2009? The chairman was chiding the current management of the SEC and FDIC with a statement that said, paraphrasing, you better modify this mark to market to our liking by April 1, 2009 or WE WILL LEGISLATE THE CHANGE OURSELVES. How do you like those apples? Can't wait for the effect on the market. Better get on the stick. The SEC was not correct about leaving the rule the same way back last fall/winter. They will be paying the price for it. Legislation if no change in the next week or so. Better cover while you can at these levels. Kanjorski will not let it drop. He and the committee was glued to and fascinated with Bill Isaac's testimony. Watch it and learn.
A little help please? I get the general concept: Mart to Market is more "honest" about current liquidation value of assets. But that assumes the market is "right", which can be far from the truth in times like these. Temporary market panics can submarine a company's balance sheets. So in which direction is the SEC going to go? More importantly, what effect will that have on AIG's books? I'm no accountant. I like the honest accounting approach. But I also see value in smoothing out those valuation spikes and dips somewhat. Anybody going to enlighten me? It's nice to see relevant posts instead of SPAM for a change.
you got that right Blue,a company with sooooo many products is hiding ikn the dark=LION PLEASE TURN THE LIGHTS ONNNNNNNN ARE YOU THE LARGEST HOLDING OR NOT?
WAKE UP.OVER 5 YEARS AND PRETTY SOON WE MAY GO 000
Sentiment: Strong Buy
Mark to Market change, else he says they will legislate the change. Get moving.
I have been waiting a very long time for a good change of FASB 157. The current writing makes no sense for illiquid assets or assets that need a long time to mature. Works great for other liquid assets. A modification is coming, one way or the other in less than 11 regular days if the SEC wants to avoid humiliating legislation to make the change for them. I do not believe Kanjorski is bluffing.
The countdown continues. It was his ultimatum given to the responsible parties near the end of the March 12, 2009 hearing on mark to market accounting modification. Shorts should be shaking to cover soon.