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Thursday, April 2, 2009 12:00 AM

Here's a stupid way to fix the banks: Change the rules!

Wall Street cheers up after accounting standards are weakened. Presto: Sick banks stage a miraculous recovery.
Andrew Leonard

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  • Thursday, April 2, 2009 03:22 PM

    Kevin C hits it outa da park!

    Once again, we have people who are pleased as punch to use mark-to-market for their assets when it increases capital but start screaming bloody murder when it isn't helping them.

    Exactly! In a bubble, they want to "write up" the assets to reflect their "true" value. And when they bubble bursts? Well, the standard for valuation (read "what the market will bear") must be rejected, 'cause at that point the same market that drove bubble valuations is just a market of fools.

    We. Are. So. Screwed.

    —Roman Berry Read Roman Berry's other letters

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