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Politics : Welcome to Slider's Dugout
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To: SliderOnTheBlack who wrote (8926)3/31/2008 4:44:18 PM
From: jim_p  Read Replies (1) of 50424
 
Looks like one or more of the larger banks wouldn't have looked to good under the new rules so instead of cancelling SFAS 157, they make a slight change in the interpretation at the last minute which allows each bank to use their own judgment on the true "fair market value" of the assets since you could easily argue that almost all of the CDO’s have been under forced liquidation. How convenient??

My guess is Paulson is behind most of the games being played. He had to be “creative” (a very kind word in this case) to rise all the way up to be CEO of Goldman. Our tax dollars at work!!
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