{"id":192419,"date":"2009-04-02T17:35:00","date_gmt":"2009-04-02T22:35:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/04\/02\/fasb-re-enables-crooked-incompetent-bankers\/"},"modified":"2009-04-02T17:35:00","modified_gmt":"2009-04-02T22:35:00","slug":"fasb-re-enables-crooked-incompetent-bankers","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/04\/02\/fasb-re-enables-crooked-incompetent-bankers\/","title":{"rendered":"FASB Re-Enables Crooked Incompetent Bankers"},"content":{"rendered":"<p>Under pressure from bankers, and their lackeys in Congress, the <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=agfrKseJ94jc&amp;refer=home\">Federal Accounting Standards Board has relaxed mark-to-market rules<\/a>.<\/p>\n<p>This means that bankers can go back to creating more of the big sh$#pile, and calling it a pony:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>Changes to fair-value, or mark-to-market accounting, approved by FASB today allow companies to use \u201csignificant\u201d judgment in gauging prices of some investments on their books, including mortgage-backed securities. Analysts say the measure may reduce banks\u2019 writedowns and boost net income. Firms could apply the changes to first-quarter results.<\/p><\/blockquote>\n<p>The FASB just got pressured to allow liars accounting again.  This is a bad thing.<\/p>\n<p>&#8220;Significant judgement&#8221;, my ass.  Wall Street has no judgment at all.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Under pressure from bankers, and their lackeys in Congress, the Federal Accounting Standards Board has relaxed mark-to-market rules. This means that bankers can go back to creating more of the big sh$#pile, and calling it a pony: Changes to fair-value, or mark-to-market accounting, approved by FASB today allow companies to use \u201csignificant\u201d judgment in gauging &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,1004,978,985],"tags":[],"class_list":["post-192419","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance","category-politics","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192419"}],"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=192419"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192419\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=192419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=192419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=192419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}