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To: pogohere who wrote (93527)	1/30/2009 4:13:22 PM
From: ggamer	1 Recommendation Read Replies (1) \| Respond to of 116555

This is funny, please see my version of the article below Jan. 28 (Bloomberg) -- Robert Rubin, who quit his post as senior counselor at Citigroup Inc. this month, said an accounting rule forcing companies to mark down assets every quarter to reflect market value has “done a great deal of damage.” “I spent my whole life at Goldman Sachs believing in mark- to-market accounting, and having said that, if you look at the experience from the last two years, I think mark-to-market accounting has led to terrible vicious cycles in asset prices,” Rubin, the former U.S. Treasury secretary, said during a discussion at the 92nd Street Y late yesterday. Companies including Citigroup and American International Group Inc. say mark-to-market, also known as fair-value accounting, doesn’t work when few buyers are willing to trade assets like subprime mortgages. Proponents such as the U.S. Financial Accounting Standards Board say the rule adds to transparency and gives investors information about companies. Jan. 28 (Bloomberg) -- Robert Rubin, who quit his post as senior counselor at Citigroup Inc. this month, said appraisals forcing homeowners to mark down their home prices every to market value has “done a great deal of damage.” “I spent my whole life looking at home prices believing in real time appraisals, and having said that, if you look at the experience from the last two years, I think the latest appraisals have led to terrible vicious cycles in home prices,” Rubin, the former U.S. Treasury secretary, said during a discussion at the 92nd Street Y late yesterday. Home owner accross America say appraisals, don't work when few buyers are willing to buy homes. Proponents such as the U.S. Financial Accounting Standards Board say the rule adds to transparency and gives investors information about home prices.