{"id":189376,"date":"2010-04-07T21:39:00","date_gmt":"2010-04-08T02:39:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/04\/07\/quote-of-the-day-246\/"},"modified":"2010-04-07T21:39:00","modified_gmt":"2010-04-08T02:39:00","slug":"quote-of-the-day-246","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/04\/07\/quote-of-the-day-246\/","title":{"rendered":"Quote of the Day"},"content":{"rendered":"<p>This is as about as succinct a statement as to what needs to be fixed as anything that I have thus far seen:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>Our position was simple: products having no economic purpose except to achieve questionable accounting, tax or regulatory goals; or that raise serious concerns that customers will use them to issue materially misleading financial statements; or that meet any of the other bullet points in the 2006 statement\u2019s list, should, at a minimum, be labeled presumptively prohibited.<\/p>\n<blockquote><p>\u2014Susan P. Koniak, George M. Cohen, David A. Dana and Thomas Ross in a <a href=\"http:\/\/www.nytimes.com\/2010\/04\/04\/opinion\/04koniak.html?partner=rss&amp;emc=rss&amp;pagewanted=all\"><span style=\"font-style: italic;\">New York Times<\/span> OP\/Ed<\/a><\/p><\/blockquote>\n<\/blockquote>\n<p>Basically, any transaction that has as a significant part of its purpose to obscure the material health of the firm should be be used only with prior approval.<\/p>\n<p>Of course, it&#8217;s much to sensible to be adopted, either in regulation by Geithner,<sup>*<\/sup> et al, or in law by Congress.<\/p>\n<p><sup>*<\/sup><span style=\"font-size: 78%;\">But remember, <a href=\"http:\/\/www.google.com\/search?hl=en&amp;as_q=&amp;as_epq=the+cossacks+work+for+the+czar&amp;as_oq=&amp;as_eq=&amp;num=100&amp;lr=&amp;as_filetype=&amp;ft=i&amp;as_sitesearch=delong.typepad.com&amp;as_qdr=all&amp;as_rights=&amp;as_occt=any&amp;cr=&amp;as_nlo=&amp;as_nhi=&amp;safe=off\">the  Cossacks work for the Czar<\/a>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is as about as succinct a statement as to what needs to be fixed as anything that I have thus far seen: Our position was simple: products having no economic purpose except to achieve questionable accounting, tax or regulatory goals; or that raise serious concerns that customers will use them to issue materially misleading &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1004,1002,985],"tags":[],"class_list":["post-189376","post","type-post","status-publish","format-standard","hentry","category-finance","category-good-writing","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/189376"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=189376"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/189376\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=189376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=189376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=189376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}