Friday, April 3, 2009

Barney Frank Applauds FASB's Murder Of MTM

A letter sent out by the House Committee on Financial Services. Presented without comment.
Frank Statement on FASB Ruling on Mark-to-Market

Washington, DC – House Financial Services Committee Chairman Barney Frank (D-MA) today issued the following statement on the Financial Accounting Standards Board’s ruling on mark-to-market accounting:

“I applaud the very important actions taken by FASB today, which has made significant progress toward addressing inaccurate asset valuations in the markets. The FASB believes the rule can be applied more fairly and take into account the currently dysfunctional state of some markets. The integrity of the standard-setting process is preserved, while avoiding the pro-cyclical effects of improper valuation practices."
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11 comments:

eh said...

What a load of gibberish.

TheBoogieMan said...

Just what we needed....Less Transparency on what's happening at America's insolvent banks.

Thomas said...

I wonder who wrote that statement for him? I am sure he has no idea what it means. I certainly don't.

Anonymous said...

Sluffering sluccotash!

Anonymous said...

Where is Maxine Waters statement.

Anonymous said...

As a former Masshole, I speak from experience when I say that anything Barney Frank likes CANNOT be good. The guy's like a reverse Midas.

Anonymous said...

I suppose Maxine Waters will be for no bank reporting at all! Just lend to people who cannot payback loan, then the taxpayers bailout the banks and none of it is every reported at all. What a system that would be?

Comrade Chaos said...

what a shmak. How hard is it to understand that the market reflect the reality? Which is little desire to hold toxic assets with unknown default rate.
just sick.

Bagsnatcher said...

It spells disaster in the long run for the valuation of banks. Their shares are going further south in a few weeks time when people realize it will be impossible to value them right. Who wants to own a share in a bank that has their own valuation? It's just plain dumb.

Anonymous said...

If Frank is so sure the market has undervalued all of the assets on the bank balance sheets, he should be buying up PPIP's like there's no tomorrow...

Anonymous said...

>he should be buying up PPIP's like there's no tomorrow...


Errr, market speculation* by a member of Congress is, to say the least, frowned upon.

*pretty much because they have the power to turn "speculation" into "reality".

-- a different chris