You are incorrect about FASB. FASB is overseen by the SEC which is controlled by congress. FASB created and implemented mark to market, when this crisis exploded, congress said to SEC who said to FASB repeal m to m. what can FASB do?
Read FAS 157, in fact they have also made a recent pronouncement about SIV's and off balance sheet assets. It is set to become effective 11/15/09. I gaurantee somehow, some way the banksters will kill it.
West declining, East rising----well put by Sinclair.
Melville10 2 years ago 2
.......the most intelligent conversation I've heard ........ thoroughly enjoyed this video & thank you for posting it !!
lynnybee888 2 years ago
You are incorrect about FASB. FASB is overseen by the SEC which is controlled by congress. FASB created and implemented mark to market, when this crisis exploded, congress said to SEC who said to FASB repeal m to m. what can FASB do?
Read FAS 157, in fact they have also made a recent pronouncement about SIV's and off balance sheet assets. It is set to become effective 11/15/09. I gaurantee somehow, some way the banksters will kill it.
The reality is that FASB has no authority.
alphadawg44 2 years ago 4