SEC manipulation (e. g. Madoff case) is not enough, so now FASB has to get involved.
Because of lack of regulation the bubble during 1980-2000 went out of control and because of artificial economic stimulus with housing and energy bubble, we are now experiencing more economic and financial shock. While it is inevitable that we will go through economic up and down periods, it is shocking, actually sad, to witness social and financial injustice.
Who is to blame? It's greed in many different degrees and levels. At least, they have energy to protest. I am just disgusted with the manipulation which we have seen during the last 24 hours how market gyrated. G20 is just a big B.S. even though we will find out the true results in decades later, as we can reflect how our history tells us what has happened in the past. It is just a big drama for power and money. They are barking at wrong true with nuclear discussion while terrorists are always lurking to make trouble. It is obvious that G20 and OB is a big decoy -- not dealing with the real issues.
I will not bother to form an opinion about what the hell FASB will do with Mark to Market accounting and how markets will react. The manipulation is disgusting.
http://www.telegraph.co.uk/finance/financetopics/g20-summit/5089797/G20-Protests-turn-violent.html?image=2
It's not just any accounting rule. It's the highly controversial mark-to-market rule, criticized for the massive write downs in the banking industry but praised for bringing transparency to the industry's assets. Its critics say the current rule relies too heavily on last sale pricing, and the modification could give institutions more latitude.
For the past two days, financial stocks, and the broader market, have gotten a lift from the expectation that the Financial Accounting Standards Board will modify the mark-to-market rule to give banks more flexibility in how they price their assets. FASB begins meeting at 8 a.m. Thursday. Financial stocks rose 2.6 percent, on top of a a more than 7 percent move higher Tuesday
For Banks, New Debt Rules May Be 'Double-Edged Sword'
"You've had (Rep. Barney) Frank and (FDIC chairwoman Sheila) Bair both out talking about it in a rational fashion using cash flow valuations," said Peter McCorry who trades bank stocks at Keefe Bruyette.
http://www.cnbc.com/id/30001770/
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