I am surprised that no one is talking about this. http://www.sec.gov/divisions/corpfin/guidance/fairvalueltr0308.htm
You can also reads this for some explanations: http://www.nakedcapitalism.com/2008...-fudge-mark-to.html?showComment=1206804540000
In the meantime, the proponents of this proposal will have fully extricated themselves from their bone-headed "investments," all the while talking up their "value" to the brethren and cousins of all the tapped out sub-prime borrowers. Unless I am mistaken, and please do correct me if I'm wrong, this latest development suggests that the SEC is rotten to the core.
The SEC Legal scene is a rigged game to some extent. It is a huge "wink wink" business. The legal fees that an Ex SEC employee makes are 100x plus what he used to make in the SEC.... And this is not due to Bush....This has festered for many years. This is why Paulson will have difficulty in shifting this morasse. This is like asking H and R Block if they would be for a simple consumption tax.... This segment is mostly clandestined and removed from the public eye....but is as common as a city kiosk in Washington..... The whole corporate swag relies on how far they can push the legal envelope, given that they have their highly prized stable of ex SEC employees..... F 'em all....F'in scum.... And by the way....the SEC is all over the ET site....and has employees working in many of the LLC firms......
I think this has been sent out before. Don't manipulate your Level 3 assets, tell us how you got it. They want banks to disclose their calculation methodology, which no one has. How do you get market value on level 3 assets? Think how much ABS has on their books.