From Pine View Farm

Stand and Deliver, Mark to Market Dept. 0

Fiduciary smiduciary.

Disregard market value. Just make stuff up:

U.S. accounting rule makers made it easier for banks to limit losses, but in an unexpected move they bowed to critics and backtracked on one proposal that would have let companies ignore market prices in some cases.

The vote by the Financial Accounting Standards Board followed a debate in which members of Congress pushed for steps to help banks weighed down by troubled assets, while some investor groups warned that the plans would allow executives to cover up losses. The rules change spurred Thursday’s stock-market rally.

From an interview I heard on Marconi’s Magic Box this morning, but which I cannot find to cite (I’ll keep looking):

“My only hope is that it does less damage than it’s going to do.”

“You’re (persons who ignore market value–ed.) disguising reality.”

To quote the Firesign Theatre:

Mrs. Pretzky (after choosing Door Number Two): “But, but . . . this is a bag of shit!”

Emcee: “But it’s really good shit, Mrs. Pretzky.”


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