RUN for Cover
SEC. 132. SUSPENSION OF MARK-TO-MARKET ACCOUNTING.
(a) AUTHORITY.—The Securities and Exchange Commission shall have the authority under securities laws (as such term is defined under section 3(a)(47) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(47)) to suspend, by rule, regulation, or oder, the application of Statement Number 157 of the Financial Accounting Standards Board for any issuer (as such term is defined in section 3(a)(8) of such Act) or with respect to any class or category of transaction if the Commission determines that is necessary or appropriate in the public interest and is consistent with the protection of investors.
End to mark to market accounting. Now no one will know what the true capital base of an American Company will be.......UNBELIEVABLE!!!! This is actually more dangerous than the $700 Billion welfare payment.
You think foreign investors are going to want to hold dollars without transparency in the banking system. The dollar may crash and interest rates skyrocket as everyone runs for the exit at the same time.
Is Paulson and our Congressional leaders insane????? Are they intentionally committing economic treason against America.
Why make accounting more opaque when trust is the issue causing all the problems. So now we are concealing the value of assets on our public institutions books???? This will create fireworks.....can't wait for the booms.