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Elizabeth Warren "We Have A Real Problem Coming"
Elizabeth Warren, head of the Congressional Oversight Panel, which yesterday released quite a sobering report on the true state of the banking industry, explains what is really going on with the increasingly irrelevant balance sheets of the bailout banks (all of them). Once again underscores what a farce the stress test was, the complicity of the accountants in making the transparency initiative a sham, and why the banks are still as underwater as they ever were. Compliments of Shanky's Tech Blog.
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AMEN X5
I'm amazed she hasn't had an "accident" yet.........
That way of handling things is off the table for now. There's too much scrutiny running around. Handling this with intimidation would have horrendous backlashes.
Plus there is no need. No one is paying attention in any numbers. What's on TV tonight is more important.
Plus there is no need. No one is paying attention in any numbers. What's on TV tonight is more important.
I wasn't so sure about her.
But now that the latest COP report is under Smack Down for over reach, her credibility is rising in my mind. I'm actually elated that she is standing up crossing the fine line. Congress is on the hook now - They have been warned by their COP.
I had my Catharsis last week when I transferred my business from BofA to a locally controlled bank which I think is trustworthy. When I cancelled my HELOC at BofA yesterday they did not ask why.
Thanks for the reminder. Need to close my BAC accounts too.
Just be sure to do some good due diligence on that local bank. But I long for the day I can extricate our finances from B of A. They're idea of customer service is charging you $40 for using one of their pens in the branch.
their idea of customer service is telling you to
go fuck yourself and then charging 40 usd for
the advice...
i hated boa before this crisis started and hate
them even more now....i would love to see that
crooked arrogant organization in ashes....
their customer service consists of nothing but
know-it-all punks....i left them long ago...
when my mother passed the "level" of their empathy and customer service as I tried to close the account (having produced the appropriate probate documents) was grotesque. that day they lost my business forever and insured that I would engage in word of mouth advertising every chance I get. the full story is available upon request.
Id love to do the same but be careful you arent too early on that - small banks are going under and will continue to be allowed to go under (assuming you have less than 250k this isnt a problem assuming FDIC still have the dough and right now the UST will make sure FDIC have the dough) BAC , Citi , JPChase , WFC are all too big to fail and the Govn will not let deposit holders down - there would be a run on every bank under the Sun if that were to happen.
If you get worried about one of those large institutions its time to go to the safe/matress/hole in the backyard.
"safe/matress/hole in the backyard"
That's a diversified portfolio!
So the banks are misstating asset values on their books, which in turn allows them to report false profits which in turn allows them to pay themselves outrageous bonuses. They can keep this scam up for many years as long as they grease the skids in Wash DC. We are being screwed. Damn I hate they way our nation has gone to hell.
And so it begins...
Wow her whole argument is based on a lie. THERE WAS NO CHANGE TO FAS 157. FAS 157 always allowed for means other than the last trade to value assets in illiquid markets in fact it requires it. Coming out of the Congressional hearings the FASB rep stated there was no need to change the rule as it already addressed valuing assets in illiquid markets all they would do was provide additional guidance on what constituted an illiquid market. In particular he mentioned providing specific examples. My god the head of the TARP oversight committee doesn't know this? Or maybe she does but it doesn't suit her agenda? Don't believe me? I dare you to find one article confirming FAS 157 was actually eliminated or modified in some way other than clarifying the existing rule on valuing assets in illiquid markets.
Oooh, so everything is fairly valued, and bank's books are transparent afterall! I can sleep better. Thanks Milkweed.
Sounds like a CPA craving cover for signing off on Dog Shit financial statements.
1. The ONLY possible reason for M2M relaxation was to HIDE the fact that the major banks are ALL insolvent.We just
good articles;
target="_blank">my newest bookmarked finance site ..http://www..
Ned SPAM above
the banks had to get the 'additional guidance' because their CPAs were getting very nervous. there was a change which gave the CPAs cover for any future problems. there was a fasb vote on the matter as well. go to fasb dot org and review the records at the time as well as the board meeting and the vote (which was not unanimous).
repeat, there was a change (caps not needed for emphasis at ZH).
You're making a precise argument that is technically true. And totally misleading.
There is really no effective difference between changing a standard formally and "providing additional guidance" with regard to how that standard is implemented (and enforced).
When you wrote:
" all they would do was provide additional guidance on what constituted an illiquid market."
...you admitted there were real changes in the intent of the standard - the same as changing it!
Warren was perfectly right in the effect of the FASB actions at the time. But all that did is delay the inevitable... because the accounting cheaters are now becoming unintentional landlords. We'll see how long that lasts.
At first I thought she was going to mention this:
Harry Markopolos: CDS Fraud Will Make Madoff Look "Small-Time"http://www.businessinsider.com/harry-markopolos-cds-fraud-will-make-mado...
I've been saying this for a while, and it should be a focus of project mayhem:
"New York Post: [Markopolos] says there are evildoers out there who will make the Ponzi scum "look like small-time." Markopolos gave a speech to 400 of the faithful at the Greek Orthodox Church in Southampton and predicted major scandals will soon be revealed about the unregulated, $600 trillion, credit-default swap market. "To put it in simple terms, it is like buying fire insurance policies from five different insurance companies on your neighbor's house and then burning down the house," he said.
This is the whistleblower on Madoff, he was ignored a few times.
...and she didn't even mention the Prime and Alt A ARMs that are beginning their reset tsunami. The dollars are bigger than the subprime ARMs and yet nobody mentions it.
Pointing to the tsunami and saying "hey that looks bad" would constitute leadership, but entails some risk of being wrong. Being wrong is worse than not being seen as a leader since these days leadership is scare anyway and nobody recognizes it even when they see it.
So the default response is to say nothing. You stay out of trouble and you might have a chance to lead the survivors after the tsunami, too. Win win.
It's dark humor. Laugh. But get yourself off the beach anyway.
cougar
As a combat veteran I am sure that the folks at Utah and Omaha beaches said the very same thing.
Remember, tracers work both ways is the refrain to which you speak.
that's a very interesting thought there. tracer work both ways. kinda like a google search and flag@shithouse.org
Indeed. You might like this:
http://www.murphys-laws.com/murphy/murphy-war.html
Great response no wonder you are anonymous. How about posting a link to an article confirming M2M actually was repealed or modified.
the minutes and recording of the fasb board are at fasb dot org.
Here you go dipstick:
http://www.marketwatch.com/story/fasb-approves-more-mark-market-flexibility
Per her mention of funny acctg. FASB is having a board meeting about re-writing the FASB 157 regs. It has to do with writing down assets to their fair value, reserves, taking off balance sheet items on, etc.
It would wipe out lots of banks.
The meeting is 8:30 AM tomorrow (Thursday). Google FASB and you can click to hear the meeting live.
The rumor is they loosened the rules in March and are pissed the banks did what they did. Now they are looking to toughen the rules beyond what they were before.
A tough ruling could cause quite the equities sell-off.
Especially with hold to maturity.
which is why a bank holiday will happen
sept/oct
but her point about life continuing without the
dinasaurs is so correct...
And you think the outocome of that meeting has not already been determined? You need a trip to the woodshed, friend. :^)
the meeting tomorrow won't determine any finality...the fasb spokesperson said that any changes at all will take time and nothing is expected to happen until 2010.
BBC:
"The upside to a gradual recovery is that prices are less likely to spike"
not a conspiracy nut but why is it that watching BBC no different than watching CNBS?
they are both cia controlled newsfakers....
Forget the networks. I just watched the two Dean Le Baron videos Milton recommended. The man is brilliant, and staggeringly coherent. Thanks Milton, Anon
Warren was not talking about any FASB proposals to change FAS 157 she specifically stated M2M was changed in some way to allow banks to not have to mark to market. This is patently false there was NO CHANGE to FAS 157 (M2M). Banks have been improving because the market for their once illiquid assets has been improving not because of any change to M2M. Once again there was NO change to M2M and therefore improvement to the banks balance sheets had absolutely NOTHING to do with a change in M2M because there was NO change to M2M. Warrens whole argument is based on a lie.
I wouldn't expect a reply to a comment like this on this website :-)
I watched the hearings, Chief. I guess the question is what in the hell were you smoking?
34773...take a look at the 10Q filed by WFC last friday and tell me how they were able to write up their book, per FASB 157 modifications, by over 5 billion (2.8 b after taxes).
no, i won't link the 10Q, go to edgar. to make it easy for you, the specific notes as to what i just mentioned are in the first few pages. after you have done this (it should take less than 15 minutes, please report back. thanks)
milkweed,
I suggest you try and spoon feed your Banana flavored Gerber at Yahoo financial or some other such place. We don't eat slop from a glass jar here.
"Banks have been improving because the market for their once illiquid assets has been improving"
A. "The market" is essentially the Fed.
B. Did you happen to see the news today that declines in home prices accelerated? Do you know what it means when both the first and second derivatives are negative?
I wonder...with all of this 'news' coming to the main stream media surface, about a crash this fall, I'm beginning to think it is another head fake and the markets will continually rise. They shouldn't but I wonder....
Just too many people calling for a crash.
How many people in main street media called for a crash before the crash last year......know what I mean?
Good point. I have pondered that as well. The MSM is not calling for it, however. Even Marketwatch on PBS tonight had a segment on how the Recession is over and the pump is now primed for an unexpectedly vigorous recovery, like in 1982. The reasoning was a little thin, especailly the rationale that autos lead us out of recessions (I thought it was housing). If this were just another recession, that might be a valid point, But, alas, it is not.
All she is saying is that a political crisis is coming. But who doesn't know that. The question is,which side are you on? Hopefully, you have more to offer than a petit bourgeois mindset, because if you don't, and you wind up in the majority and in power, all you're going to have is an extreme statist, rightist, militarist society. That's what Japan is heading for right now.
It's because, when underclass types get unemployed, they for the most part become right wing, not left wing.
What has yet to be said is that when the political crisis comes to the U.S., it will deliver the coup de grace to whatever is left of economic activity in this country.
We're going to have a class war--why not face it?
Bingo. That's the world she lives in, she knows how it works. Best pay 'ttention.
Let he who has googled FASB rule change cast the first stone:
http://online.wsj.com/article/SB123867739560682309.html
hey they are working on it. relax pal...:)
yeh and there is mish going on about robert prector, his god i guess. anybody know how often the elliot wave guy gets lucky and happens to be right?
http://globaleconomicanalysis.blogspot.com/
oh yeh the dollar is going to save us....yeh sure....
Anybody who has taken Principles of Accounting 1 should understand the following:
1. The ONLY possible reason for M2M relaxation was to HIDE the fact that the major banks are ALL insolvent.
2. M2M was relaxed for the sole purpose of buying time. Geithner, Obama and Bernanke, Summers, et al all had hoped that collectively they could pull a rabbit out of somebody's ass. There is no rabbit.
This is so incredibly obvious. The banks are insolvent. The government has no solution other than to buy time. Last but not least, the unwind is inevitable. I don't need Elizabeth Warren or any of these talking head fucking idiots to explain that to me.
M2M was changed in the last half of March so banks could record big profits instead of big losses by quarter end. Mission accomplished. Fraud.
With reported profits, the next job was to flog bank equity off to institutions. Mission accomplished. Fraud.
They are all still insolvent and the unwind is on its way. Am shopping for pitchforks a weopon that's coming into its own again.
well . . . yes, yes and . . . yes.
Dude banks are insolvent and this isn't the first time either. Guess what, Bernanke and friends will keep interest rates at 0% so the banks can earn their money back, so just STFU and get with the program.
You really want to bet against a printing press?
"You really want to bet against a printing press?"
Kinda like betting against a double green roulette wheel, except that there's a progression. There is a time to buy assets, but I don't think we're there yet. My current mindset really sucks, but I'm guessing it'll be 2-5 years before that time is now, and that will probly be the sucker's play.
Only a few will have any wealth left, at any rate, before we see a bottom. This is not your father's recession...
She is kinda sexy somehow
oh you like the librarian type of thing i suppose...:)
but can she touch her ears with her big toe?
http://en.wikipedia.org/wiki/Mark-to-market_accounting
On March 16, 2009, FASB proposed allowing companies to use more leeway in valuing their assets under "mark-to-market" accounting, a move that could ease balance-sheet pressures many companies say they are feeling during the economic crisis. On April 2, 2009, after a 15-day public comment period, FASB eased the mark-to-market rules. Financial institutions are still required by the rules to mark transactions to market prices but more so in a steady market and less so when the market is inactive. To proponents of the rules, this removes the unnecessary "positive feedback loop" that can result in a deeply weakened economy.[19]
***********************************************************************
FAS 157 always allowed banks to use means other than the last trade to value assets in illiquid markets in fact it requires it. What they are calling an easing is just guidance on what constitutes an illiquid market in order to apply the existing rule about using means other than the last trade in an illiquid market.
...which, among other things (snicker), the bank's CPAs were demanding to cover their asses.
see enron. see A. Andersen
Dude...
Look past the trees & see the forest.
Remember, that an "illiquid market" is just be a euphemism for "I can't get the price I want right now"... or "supply exceeds demand".
I would love to value my stock portfolio with a 2007 value because I just know eventually we will see those prices again as the equities market becomes "more rational"... but the bank simply won't let me do that when I want to borrow against my portfolio... they clearly still want mark-to-market for individuals. The bank also won't let me value my second home when I want to borrow against it with a 2005 value even though I just know it know will appreciate back to that value when the market becomes "more rational" and I can wait to sell ... they clearly want mark-to-market for individuals.
So whats up with that... why is it OK for the banks... but not for individuals... the simple answer is that it is not OK for banks... and repealing mark-to-market just blew smoke in everyone's eyes covering up the disaster that lies underneath.
Damn good video. Wish more people would understand. Then again, I'm kinda glad they don't. Ignorance is bliss. Keep buying those CDs and bank bonds...
Finally a grown up that tells the truth.
What we all already knew but the media does not want to talk about.
from 10Q WFC:
FSP FAS 157-4 addresses measuring fair value under FAS 157 in situations where markets are inactive and transactions are not orderly. The FSP acknowledges that in these circumstances quoted prices may not be determinative of fair value. The FSP emphasizes, however, that even if there has been a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation technique(s) used, the objective of a fair value measurement has not changed. Prior to issuance of this FSP, FAS 157 had been interpreted by many companies, including Wells Fargo, to emphasize that fair value must be measured based on the most recently available quoted market prices, even for markets that have experienced a significant decline in the volume and level of activity relative to normal conditions and therefore could have increased frequency of transactions that are not orderly. Under the provisions of the FSP, price quotes for assets or liabilities in inactive markets may require adjustment due to uncertainty as to whether the underlying transactions are orderly. For inactive markets, there is little information, if any, to evaluate if individual transactions are orderly. Accordingly, we are required to estimate, based upon all available facts and circumstances, the degree to which orderly transactions are occurring. The FSP does not prescribe a specific method for adjusting transaction or quoted prices; however, it does provide guidance for determining how much weight to give transaction or quoted prices. Price quotes based upon transactions that are not orderly are not considered to be determinative of fair value and should be given little, if any, weight in measuring fair value. Price quotes based upon transactions that are orderly shall be considered in determining fair value, with the weight given based upon the facts and circumstances. If sufficient information is not available to determine if price quotes are based upon orderly transactions, less weight should be given to the price quote relative to other transactions that are known to be orderly. The provisions of FSP FAS 157-4 are effective for second quarter 2009; however, as permitted under the pronouncement, we early adopted in first quarter 2009. Adoption of this pronouncement resulted in an increase in the valuation of securities available for sale in first quarter 2009 of $4.5 billion ($2.8 billion after tax), which was included in other comprehensive income, and trading assets of $18 million, which was reflected in earnings. See the “Critical Accounting Policies” section in this Report for more information.11
but... but... but... sputter.. That is only a 10Q, not a Wiki which everyone knows is the determinative source...
WhoT! - Thanks DH
thanks layne...i still remember the wfc cfo suggesting that the 157 wasn't a big deal. i still remember the pre-announce about the record profits and when they were finally reported, 3.2 billion (as i recall), i almost died when i saw the write up of 4.5 billion in value of securities held for sale. gee, those are record profits, right.
DH - Reminds me of the q on q change in the way WaMu recorded their hold for investment/sale/maturity during 06-08. Makes for some good reflective reading. Especially concerning the "never changing" FASB standards and the quality of the WaMu mortgage reworks, many of which were on their hold for investment/maturity book. Please see the attached link for an example of how WaMu structured some of their sliding scale investments and how JPM is profiting today. This article has one of my favorite recent bank quotes.
”Given the volumes in the current modification environment, situations are arising that require servicers to review and address modification-related transactional issues. Chase is currently reviewing these transactions.”
http://www.ft.com/cms/s/2/a6f6db88-7aee-11de-8c34-00144feabdc0.html
thank you layne and I will read it....gonna have to be in the a.m., gotta catch stewart and colbert for my daily comic relief.
re: prechter's very uneven predictions and performance records, see
http://www.erictyson.com/articles/20090616
I love that part of the story where "Liberals" put this country in the tank, against the valiant efforts of the Conservatives, who were vilified by and cast out of the very Paradise they created. Read it to me again, mommy.
Where were you for the two terms of the Bush administration, while all of this was being set up for the final crash? Now, don't get me wrong, to be liberal is not to be right, but to be a raging conservative who now looks at Obama and says, "see I told you so," please give me a break. Both parties, and all of us, are to blame.
right on Led.......um, I mean um.....dude !
"Interpreted by many companies" If you can get a copy of the congressional hearings on potentially changing or repealing M2M the FASB representative mentioned over and over that FAS 157 already allows for means other than the last trade to value assets in illiquid markets (in fact it requires it) and therefore no change is needed just clarification on what constitutes an illiquid market. He also mentioned that anecdotally the problem seemed to be banks auditors refusing to sign off on anything but the last trade even when there was clearly an illiquid market. Can you say law of unintended consequences? BTW that's probably where your "interpretation" is coming from.
Why doesn't the government realize the only way to fix this mess is the following:
1) Offer current homeowners who have an adjustable rate mortgage refinance into a low (~5-6%) 30-year loan backed by the government. Keep this offer for 6 months. After that, tough luck.
As part of this program, any homeowner who chooses to participate in this will be forced to take a 20% hit on the value of their home, or reduce the principle of their home to a new appraisal, or to the remaining balance on the house, whichever is lowest.
2) After those six months, impose a rule on ALL banks that all loans which are 90 days delinquent or more be foreclosed and sold within 30 days on the open market.
Also enforce a rule on banks that any new homeowner will be forced to put 10-20% down minimum and take a fixed-rate, 30 year or less, mortgage that is determined on the open market*. Also, force any new homeowner to prove that they have a 36% DTI or less. Otherwise, they don't get the home until they pay down their debts.
*Also cap at the federal level the maximum interest rate a bank can ask for a 30 year home loan at around 12%. Any bank that claims it needs more is by definition engaged in predatory lending.
Finally, reinstate real legislation which will force banks and people to allow them to take Chapter 7 bankruptcy.
This, combined with step 1, will force home values to reset to a more base level that average Americans who still have jobs can afford, and end the prolonged spiral of home value deflation.
Finally, disallow banks to sell the mortgages to insurance companies and allow them to sell them as MBS's.
3) LET THE F*CKING IDIOTS that took out too much money for their homes go into bankruptcy. This includes banks. Any bank which took federal bailout money will be forced to take an immediate loss or file for bankruptcy, and allow their assets to be sold on the open market to the smaller regional banks who didn't make bad bets.
The only solution is deflation, mildly done, and over the long term
I don't know why all of you are fighting it. I don't know why you top gun wall st'ers or government officials don't get it yet. its the only way to safely hit the reset button on the system. sure some people will get hurt but the end result is a sustainable life and economy
Well hello, Mr. Rockefeller.
you know i'm right
there are also a few other bubbles sitting out there including Higher Education
what happens when people refuse to pay 20, 30k a year for college and grad school?
why should they. obama admin is against doctors, lawyers, and financial servicer's from manking big money
Deflation is the only long term solution otherwise the precipice we were at...has only been postponed
Re-read what the Anon posted. He's saying he wants to instigate instantaneous deflation of home values, then forcing banks to only lend money who at least you can bet can actually pay for it. Those are not bad suggestions. It's like using a dagger to open a wound and take out the poison.
Only problem is it is far too late to actually act on that.
Love that they're thinking of a 9/11 commission style 'investigation' in to the financial meltdown... Yup. that sounds about right for this. That way no one can be held accountable, no one will be indicted and we can all get back to being f***** by the powers that be as quickly as possible. Unbelievable. Except, of course, we deserve it.
Not one crack about a Warren Commission? On the video or comments?
When politicians are scared they appoint a commission to lose all of the facts in a sea of hubbub.
dickweed . . . er I mean milkweed, why argue about semantics? Even Larry Kudlow knows that the rules were changed, ranting the other day about the FASB nerds trying to take down the banks by bringing back mark to market.
It is like the homeowner in South Florida, Las Vegas, SoCal, and now even Manhattan etc. that paid $1MM for their home, but only one home in a 10 mile radius sells, though there are many offered, and it so happens to be our hapless homeowner's next door neighbor, that just short sold his house for 40% below the purchase price, but since the only one house sold in the last 2 years, the market is illiquid, so he just market based on certain 'assumptions', much like Wells Fargo mentions in their 10Q, so the house was purchased 5 years ago, and we all know housing increases by an annual rate of 5%, so the home must be worth about $1.275 and let just round to $1.3, after all, a few upgrades were made . . . what an idiot his neighbor is for selling at $600K, I mean now the neighbor's net worth took a $700K hit . . .
If you want to know how much something is worth, buy it, then try to sell it.
From the COP report by Warren et al:
“Treasury‘s choice to pursue direct capital purchases resulted in a notable stabilization of the financial system, and it allowed the write-down of billions of dollars of troubled assets and reserve building. But, it is likely that an overwhelming portion of the troubled assets from last October remain on bank balance sheets today.
“If the troubled assets held by banks prove to be worth less than their balance sheets currently indicate, the banks may be required to raise more capital. If the losses are severe enough, some financial institutions may be forced to cease operations. This means that the future performance of the economy and the performance of the underlying loans, as well as the method of valuation of the assets, are critical to the continued operation of the banks...."
http://cop.senate.gov/documents/cop-081109-report.pdf
This document is a marvel of clearly stated, logically arranged declarative sentences that actually make sense.
As a long time govt employee (now retired), I can't begin to tell you how unusual that is in a govt document.
I'm with whoever said she should be President.......or better maybe, Treasury Secy.
You know the equities market has become like the wild west. How did this come to be?
Certainly there is a lack of trust that is very prevalent. Perhaps it has always been there but now has simply moved into the public conscience.
Everyone waxes on about how regulation has failed but I think the problem is much simpler. There has been a fundamental breakdown in ethics on a grand scale which has no doubt played a significant role. When it comes to MONEY most of us will abandon any shred of decency, ethics and honesty to make a quick buck.
"Money is the root of all evil"
Timothy: 1 Timothy 6:10
Truer words were never spoken.
If your going to mangle something - try doing it with something else than scripture... That passage actually reads:
"For the love of money is the root of all evil..."
It is that "love" that causes the abandonment... People that got us into this mess are full of that "love".
href="http://dailyreckoning.com/what-chinese-depression/"
FASB Chairman Robert H. Herz Testifies Before the U.S. House of Representatives Financial Services Subcommittee On Capital Markets, Insurance, and Government Sponsored Entities on
March 12, 2009
http://72.3.243.42/testimony/03-12-09_full_text.pdf
Before the issuance of Statement 157, there were varying definitions of fair value,
including fair value exit and entry price (purchase price). Statement 157 defines fair
value as an exit price. For an asset, the fair value estimate is determined by reference
to the price that would be received in an orderly transaction for the asset at the
measurement date (an exchange price notion), not, as some have asserted, the price
that would be received in a fire sale or forced liquidation transaction for the asset at the measurement date. An orderly transaction is one that involves market participants
that are willing to transact and allows for adequate exposure to the market before the
measurement date. In contrast, a fire sale or forced liquidation transaction is one that
involves market participants that are compelled to transact (under duress) and allows for
little (or no) exposure to the market before the measurement date.
When there is little
or no market activity for comparable assets or liabilities at the measurement date (illiquid
markets) or when information about transactions involving comparable assets or
liabilities is not publicly disclosed, the fair value estimate might rely principally on
unobservable inputs (Level 3 estimates). Like many other estimates used in financial
reporting, Level 3 estimates can be difficult and require the use of significant judgments.
However, as previously noted, many investors have stated that those estimates provide
more relevant and useful information than alternatives that ignore current economic and
market conditions.
As I said FAS 157 already allowed for means other than the last trade to value assets in illiquid markets. The supposed change to M2M that came from this congressional hearing was just guidance on what constituted an illiquid market in order to apply the existing rules on valuing assets in illiquid markets.
Do yourself a favor and define how it is you determine what is a fire sale or forced liquidation for accounting purposes and how it is you arrive at that determination.
"the price that would be received in a fire sale or forced liquidation transaction for the asset at the measurement date."
On November 14, 2008, Ms. Warren was appointed by United States Senate Majority Leader Harry Reid to chair the five-member Congressional Oversight Panel created to oversee the implementation of the Emergency Economic Stabilization Act.
She is from Harvard.
She is on MSNBC.
Do you really think she is for real??? Do you really think she is keeping an eye out for us?
Bahahahaha....
Funny how we still remain foolish after all these years.
Would you believe any differently knowing that she has spent far more time on CNBC, Fox News and Bloomberg?
Or are you one of those that make assumptions because of the venue rather than the information conveyed?
"I am glad that too big to fail world ended on September 15th 2008..."
What the hell does that moronic Scarborough smoke?
My dad used to have a saying... usually said under his breath...
"Boy's dumber than a box of rocks."
[Markopolos] says there are evildoers out there who will make the Ponzi scum "look like small-time." Markopolos gave a speech to 400 of the faithful at the Greek Orthodox Church in Southampton and predicted major scandals will soon be revealed about the unregulated, $600 trillion, credit-default swap market.
http://www.businessinsider.com/harry-markopolos-cds-fraud-will-make-mado...
I certainly wouldn't ignore Mr. M.
The interesting quote is: "To put it in simple terms, it is like buying fire insurance policies from five different insurance companies on your neighbor's house and then burning down the house," he said.
So, the question is: 1) who lit the matches and 2) which houses?
Just wondering if the House of Lehman was one of those?
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This woman I have the utmost respect for.
A breath of fresh air is a huge understatement.
Agree hedgnome. Reading between the lines I think she realizes that her position has no power except to inform/influence public opinion.
absolutely :)
Thanks for the HT and blog mention TD. Sure appreciate it.
a quote I thought appropriate for today......
"There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction and it does it in a manner which not one man in a million is able to diagnose." - John Maynard Keynes
Hang on ladies & gents.......
But of course at the end they pretty much end the segment with "Bush bad, Obama good".
Scarboro (globalist in diguise) really gets on my nerves. Hear him at the end say "I'm really glad the too big to fails ended on October '08"... WTF idiot, the 'to big to fails' the only ones left still standing.
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