Thursday, June 4, 2009


WSJ--"A group that includes the Chamber of Commerce, the Mortgage Bankers Association, the Harley Davidson Road Warriors, the Save Madoff Foundation, Free Money, Banker's Without Jobs, the Taylorville Woman's Auxiliary Sewing Circle, The American Society of Physicists, Really Honest Real Estate Brokers, Soprano Cast Alumnis Out of Jail, the American Council of Life Insurers, Crosby Stills Nash Young Merrill Lynch Pierce Fenner Smith and others sent an airmail letter on June 1 to Treasury Secretary Timothy Geithner at his new Beijing apartment, regarding the off-balance-sheet accounting-rule change, saying it should be adopted "cautiously and seek to minimize any chilling collateral effect on our irrationally inexuberant credit markets."

The letter was signed by a rag tag cluster of associations, many of which were part of a group known as the "Inflated Value Coalition," which was formed earlier this year with the goal of watering down mark-to-market accounting rules. Mark-to-market accounting rules set guidelines for banks on when they are required to reflect market prices in the values they assign to hard-to-understand securities and other dodgy assets.

Now the group of financial organizations is trying to put the brakes on the off-balance-sheet accounting measure, which would force banks to bring hundreds of billions in dodgy three card monty'd subprime assets back onto their balance sheets at the beginning of 2010, effectively forcing them to set aside more capital. Some accounting experts say they aren't surprised by the banking industry's latest effort. "There they go again. They will get out their checkbooks and go to the Hill," says Ronald Reagan's ghost."

My appreciating HUMVEE is worth $150,000

My two bedroom coop is still worth $3,000,000

Conservatively, my beach house has tripled in value.

My bonus should be more than the last three years combined.

I only fly company jets.

You should lend to me without asking questions.

If you have to ask, you should'nt invest in it.

What I paid for it is none of your God damned business...

Hi ho, hi ho, its off the edge we go.

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