April 21, 2009
– Comments (9)
From big picture.
These guys need to be stripped of their ill gotten gains and spend their lives in jail.
Mark-to-market applies on rising assets (bonds in this case) by banks, but not falling ones (mortgage backed securities).
Yet they are being rewarded... What has this country come to?
Does anyone remember Sarbanes-Oxley which came from Enron and others? Didn't Congress promise to jail the CEO's and CFO's the committed fraud and lied about financial results?
As they say in the commercial.....
You have come a long way baby:)
There are many things I detest about accounting rules. The less valuable debt trick being one. Goodwill and DAC are other examples of crappy GAAP accounting, creating fictitious assets that can miraculously change in value. But let's not pretend any of this is illegal or fraudulent. Enron was cooking the books, these banks are operating legally (at least there's no evidence otherwise.. yet) within a set of very imperfect rules.
I don't understand how the accounting works, but why wouldn't the Merril Lynch trademark, dating back to 1914, give it more value than just it's raw assets?
absolutely disgusting. they own congress and the courts, it's like that bad star wars episode 3 movie.
The extreme greed and corruption of our corporate system is revolting...
The government needs to stop bailing people out and start performing true investigations of those who helped cause this mess.
When is a banker going to jail? Madoff is just a guppy compared to those sharks.
One thing forgotten in this is a politician attempting to curry favor and gain re-election was putting pressure on these guys to produce numbers that made him look good. I watched this whole mess develop and the banks begin to faulter and what did I find, Barney Frank, Dick Dirban, Shummer, Palosie, Reed, Byden, Murdock, etc. Corruption runs deep in Washington and Wall Street. You expect government to do what? Get rea! Only when a third party challenge forces these nimrods out of power will we ever see a glimmer of change or even hope for it. With just wo parties, money rules and your vote is an exercise in futility. Why should they care a wit about your wishes?