{"id":196033,"date":"2008-05-28T19:10:00","date_gmt":"2008-05-29T00:10:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/05\/28\/goldman-sachs-calls-it-alice-in-wonderland-accounting\/"},"modified":"2008-05-28T19:10:00","modified_gmt":"2008-05-29T00:10:00","slug":"goldman-sachs-calls-it-alice-in-wonderland-accounting","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/05\/28\/goldman-sachs-calls-it-alice-in-wonderland-accounting\/","title":{"rendered":"Goldman Sachs Calls It, &#8221; Alice-in-Wonderland Accounting&#8221;"},"content":{"rendered":"<p>Goldman Sachs is saying that <a href=\"http:\/\/www.ft.com\/cms\/s\/0\/fe3ae802-2857-11dd-8f1e-000077b07658.html?nclick_check=1\">it will leave the Institute of International Finance because of its calls for relaxed financial standards<\/a>.<\/p>\n<p>When Goldman f$#@ing Sachs says that the accounting is too dicey for them, you know that something is <span style=\"font-weight:bold;\">seriously<\/span> wrong.<\/p>\n<p>Basically, it all comes down to &#8220;level 3 assets&#8221;, those for which there is no ready market.  This is the stuff that Atrios calls the big sh%$pile.<\/p>\n<p>In any case, the IIF wants to implement rules that, &#8220;would enable financial companies to cushion the blow of financial crises by <a href=\"http:\/\/www.ft.com\/cms\/s\/0\/07cb8b1a-275e-11dd-b7cb-000077b07658.html?nclick_check=1\">valuing illiquid assets using historical, rather than market, prices<\/a>&#8220;.<\/p>\n<p>Meaning that they want to value this sh^% as it was valued a few years ago, when everyone thought that there had to be a pony somewhere.<\/p>\n<p>Corruption at its finest.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Goldman Sachs is saying that it will leave the Institute of International Finance because of its calls for relaxed financial standards. When Goldman f$#@ing Sachs says that the accounting is too dicey for them, you know that something is seriously wrong. Basically, it all comes down to &#8220;level 3 assets&#8221;, those for which there is &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],"tags":[],"class_list":["post-196033","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/196033"}],"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=196033"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/196033\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=196033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=196033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=196033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}