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FDIC’s Bair: "Bury the Losses"
Sheila Bair has turned a corner in her support of the bankers. On the
critical issue of accounting clarity she made these remarks today to a
bunch of CPA’s. I hear she got a standing ovation from that audience.
Her words:
Fair Value AccountingAnother
ongoing regulatory process is FASB's proposal to substantially revise
the accounting standards for financial instruments. Under the proposed
rule, banks would be required to measure substantially all of their financial instruments at fair value on the balance sheet.While
we understand that the objective of the rule is to make financial
statements more transparent, we believe that its effect could be to
undermine financial stability by making bank performance more
procyclical. In short, we do not believe that a bank – whose business strategy is to hold loans and deposit liabilities for the long term – should be required to measure them at fair value on the balance sheet.
70% of all Americans own some stocks. It is hard to avoid the financials
if you’re in a fund, so the consumer’s new champion, Elizabeth Warren,
should take up the issue of clarity on bank financial statements. That
would be a cat-fight I would like to see.
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Imagine you were in the army fighting a conventional war, would you want to be standing in the back or the front in harms way?
Was there ever any doubt ??
Use your imagination, the fraud and corruption is systemic from top to bottom.
Hiding under the covers doesn't make it go away.
But I only smell myself whilst under the covers.
You like dutch ovens?
GF loves covered wagon rides...
This is disgusting. All government officials work for banks.
If she likes "extend and pretend" so much, why is she closing down so many banks?
She didn't close shit. They were all whole bank P&As. Sweetheart deals to TBTF banks.
Excellent point.
The answer is that she is in the TBTF club. Jamie Dimon is hot, man!
As for your piddly little community bank, get real. The criminal syndicate known as Wall Street does not have time for such pedestrian concerns as yours, serf.
So many? The process has been a ridiculous slow-burn done intentionally to hide the true magnitude.
The fact is "no-so-many" if you actually care about issues like solvency.
She is taking orders from the bigger banks anbanks and filling them by shutting down the smaller guys and then selling them at penniies on the dollar with loss sharing agreements to the bigger banks. Soon there will be only 4 mega banks and you will need to get their permission to wipe your ass...
One more thing...so the TBTF banks fail and our economic system discontinues in its current form how would that hurt me? I've already lost just about everything thanks to the TBTF banks...as have many of my friends and colleagues. As the 46 million people on food stamps if they give a shit, ask the millions of people out of jobs and/or currently in default on the one asset that held their life savings if they give a shit, ask everyperson who has lost between 30% and 40% on their real estate assets if they give a shit, and, then ask the folks who are about to lose 30% to 40% of their assets in the stock market (when the Fed stops supporting it) if they end up giving a shit. The only people who want things to stay the same are people who can take advantage of the current system which is a very small group of people. I have no issue with how much money someone makes, as long as I have equal opportunity....that does not exist in today's world. Take out the TBTF banksters!
Small banks yes....big banks...no.
First, it was the CFA, now, the CPA, is totally overrated.
Ouch...you cut me deep!
Yours truly,
Agent P, CFA
Those two Tigers are not fighting.
Now here is a fight!
You deserve to be awarded a patent for this new technique of visual vasectomy.
now *that* is friggin wrong... :^)
Dude, it's lunchtime; have mercy on our digestive systems.