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Old 01-26-2011, 01:03 PM
Mellow Yellow Mellow Yellow is offline
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Default Fecal Matter Buries Rotary Device

"By now everyone is aware that following tremendous pressure by the banker lobby, which knows too well the Ponzi jig will be immediately up if Quantitative Easing's TBTF Madoffs are forced to disclose the true value of their worthless assets (yes, true value comes from asset cash flow generation, not from diluting money), the FASB decided to stop its push for a return to MTM. From the WSJ: "Accounting rule makers, bowing to an intense lobbying campaign, took a key step Tuesday to reverse a controversial proposal that would have required banks to use market prices rather than cost in order to value the loans they hold on their balance sheets." Transparency? moron would propose that in an economy that is so obviously healthy and surging. After all, the only way to validate a surging stock market, er, economic recovery, is through bullshit numbers pulled out of the ass. That way they can pretend to tell us the truth, we can pretend to believe them, and everyone will frontrun the Fed who pretends not to be buying stocks. And it would have been great if it ended there. Alas no. Following the announcement, none other than Bill Isaac, current Chairman of LECG, but far more importantly, former Chairman of the FDIC under Ronald Reagan decided to send out a gloating email to his entire address book explaining what a moral victory it is to kill the MTM monster that is the sole reason for the near collapse of capitalism in 2008, and how truly wonderful it is for everyone to live in perpetual lack of knowledge of what the true value of any company's assets really is. Unfortunately, this just goes to show what the existing, extremely bribed, leaders of the nation's most vital organizations really think."

http://www.zerohedge.com/article/ban...hairman-gloats

Captured regulators,captured congressmen and now captured professional organizations.

http://www.fasb.org/jsp/FASB/Page/Se...=1176154526495

The Mission of the Financial Accounting Standards Board

The mission of the FASB is to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports. That mission is accomplished through a comprehensive and independent process that encourages broad participation, objectively considers all stakeholder views, and is subject to oversight by the Financial Accounting Foundation’s Board of Trustees.

Let me rewrite your mission statement to reflect what your actually doing.


The mission of the FASB is to establish deceptive standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to government and financial industry propagandists. [i]nvestors and other users of financial reports are screwed. That mission is accomplished through a comprehensive and independent (unless threatened by congress to remove our jurisdiction) process that encourages broad criminal participation/collusion, objectively considers all stakeholder views except for those outsiders deemed worthy to be thrown under the bus, and is subject to oversight by the Financial Accounting Foundation’s Board of Trustees who should confess their complicity for driving the bus off the cliff.

You have disgraced your profession. I hope there are some CPA's that will denounce this nonsense. Your profession has become one of prostitution.

Note to Moderator: I intended to post in banking forum, sorry.

Last edited by Mellow Yellow : 01-26-2011 at 01:09 PM. Reason: spelling
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Old 01-26-2011, 01:30 PM
Mellow Yellow Mellow Yellow is offline
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Join Date: May 2010
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I had to include this too from the comments:

by Cognitive Dissonance
on Wed, 01/26/2011 - 13:11
#906605

The Fed, the TBTF banks, the Treasury etc are all creating an alternative reality that has extended well beyond what many here on ZH and else where thought possible. How have they done so? What is it that they are actually doing here? If the economy is unstable and the recovery a mirage, how come it hasn't collapsed yet? What is keeping it "supported"?

It is supported by the collective will, the consciousness of not only the Ponzi masters, but of the population that desperately wishes to believe what they are told. It doesn't matter so much, at least not initially, that the average Joe doubts they are being told the truth. They want to believe the lie, thus they begin to act as if the lie is true. To do otherwise would in their minds be suicide, a self fulfilling prophecy of collapse if you will. So we all (or most of us) believe in another self fulfilling prophecy, that of recovery.

Belief is the strongest force in the universe.

Reality is real because we all believe it is real. Cougar believes gravity is "real" and so does everyone else. Thus it is real in this reality because the collectively agreed upon "rules" in this realty say it is. Consciousness creates or forms reality, not the other way around. This isn't a subject the average classically trained person is willing to even entertain seriously. Interestingly the physicists are moving in this direction.
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