Exactly. This FASB thing is a magician's trick of misdirection. The banks will be technically solvent for now and once they move all the crap off their books to taxpayer guaranteed vehicles, they will be actually solvent. The buyers like Blackrock and Pimco will make out like master thieves in this. Anyone know which Pimco fund will invest in these?
Fair value accounting should no longer be synonym for mark to market. Fair value accounting now means fair value according to banks as opposed to it's previous meaning, fair value according to market.
You might be on to something here. Give them a call and ask them. Newport Beach Pacific Investment Management Company 840 Newport Center Drive, Suite 100 Newport Beach, CA 92660 USA TEL 866-746-2602* TEL 949-720-6000 FAX 949-720-1376 * Shareholder Services Hours: 6AM to 5PM Pacific Standard Time New York PIMCO 1345 Avenue of the Americas New York, NY 10105-4800 USA TEL 212-739-3000 FAX 212-739-3926
That's probably the REAL deal.. Apparently... the hope is "if you can put shit onto the back burner far enough, long enough, it will eventually turn to sugar"...
Just in time for earnings season, all companies will all the sudden have fantasy profits. Start buying its rigged to the upside now.