Thursday, March 12, 2009

More Obfuscation?

Banks complain that fair value rules (aka Mark to Market) assess their security holdings at “liquidation value” rather than the value they would have in a going concern that can wait to see if they repay in full. But what else than “liquidation value” could the government require if it is going to continue to invest in, stabilize or otherwise resolve the holders of these securities?

In short, banks want to get the "Full Market Value" in other words, a value close to the purcahse value these toxic were bought at as opposed to the current value, Post Bubble that is as low as 5% on some types of securities.

Wouldn't it be nice if you could get full, pre-bubble value for your 401(K), your home or other deflated assets?

Call or write your Congressman, if you can pull him or her away from the lovely feeding trough Wall st has set up, long enough to listen and tell him or her that you will not stand for such a travesty and if they cave in to Wall St you will get your revenge at the polls!

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