They really did it … OMG Mark-to market is not anymore mark-to-market … So … now everything is possible … enjoy the time until reality comes back … – FASB’s new guidance allows banks and their auditors to use “significant judgment” when valuing the illiquid assets such as mortgage securities. For example, if companies have [...]

Major rallye today … why? I call it the “Basketball Effect” If you put a basketball under water and let it go … it pops exactly into your face … Market was under severe pressure over the last month, dropping around 20(!!!)% … Now … shortly before March future expire/rolled over … a bounce was [...]

We hear about a news report that a House panel next week plans a hearing on mark-to-market accounting rules blamed by many for aggravating the financial sector’s troubles. Reuters on Wednesday quoted a source briefed on the matter who said the subcommittee on capital markets has tentatively slated for next Thursday a hearing on the [...]