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|User Info||There Is Only One Business: SCAM; entered at 2018-01-11 12:00:11|
@Johnnyb Congress, in early 2009, hauled FASB into a hearing and essentially TOLD THEM that they were either going to allow banks to mark their "assets" (loans) to a model the bank itself was able to create (rather than what they could sell them for, which is what the MARKET said they're worth at that time) or Congress would force same.|
I wrote on this at the time because it is identical to telling an accountant that the box of dog**** on the company CEO's desk is worth $1 billion and that's an actual asset of the company, upon which the firm can then borrow!
The market bottomed almost-literally on that day; Congress STATED that outright accounting fraud was not only allowed IT WAS MANDATORY.
That policy, by the way, remains to this day.