Certin companies got this. See not everyone plays by the same rules. Lets treat wall street investment banks special. The rest of you play by the rules or else.
They always change the rules on the way down, what a cooked up system. These wall street wise guys are dumb as dirt, and always have to get help from someone, they are to stupid to make money the old fashion way, earn it.
Keep in mind the game works both ways. How many people make handsome livings with a skill set thats really worth about $1.98 an hour? I'm talking about main street.
Is it good when they investigate the organization you head, and they don't tell you? SEC Chairman Christopher Cox told reporters he had just learned of the investigation. http://www.reuters.com:80/article/governmentFilingsNews/idUSN0129955720080401 Print | Close this window GAO asked to review US SEC's enforcement division Tue Apr 1, 2008 3:45pm EDT WASHINGTON, April 1 (Reuters) - Congressional investigators have been asked to review whether the U.S. Securities and Exchange Commission has enough enforcement staff and funding to properly police the markets amid the current credit crisis, Senator Jack Reed said on Tuesday. "There has been an almost 50 percent decrease in disgorgements by the SEC in 2007, which in my mind raises questions about whether changes have taken place in enforcement philosophy or scope of activity," said Reed in prepared remarks to be delivered at a securities conference. Reed and Christopher Dodd, the chairman of the Senate Banking Committee, have also asked the Government Accountability Office (GAO) to review whether there has been a fundamental change in the way the SEC's enforcement division handles cases. The GAO is the investigative arm of Congress. Reed, chairman of the Senate's subcommittee on securities, insurance and investment, said enforcement and adequate resources are critical components of strong oversight. Despite the current market turmoil, the SEC asked for less than a 1 percent increase in its budget for 2009, he said. "This is a significant concern given that increased demands are being placed on staff and the agency during this critical time," said Reed, a Democrat from Rhode Island. Speaking at the same event, SEC Chairman Christopher Cox told reporters he had just learned of the investigation. "I'm sure whatever the GAO examines, parts of our regulatory enforcement program will benefit from the experience," Cox said. The SEC has more than three dozen subprime lending-related investigations under way. It is investigating several areas, including the securitization process and how firms and individuals valued and disclosed complex mortgage-backed securities. Morgan Stanley (MS.N: Quote, Profile, Research) and Merrill Lynch (MER.N: Quote, Profile, Research) have disclosed that government investigators are seeking information about their subprime activities. (Reporting by Rachelle Younglai and Karey Wutkowski; Editing by Tim Dobbyn) © Reuters 2007. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world. Reuters journalists are subject to the Reuters Editorial Handbook which requires fair presentation and disclosure of relevant interests.
So ok to value your shit eating assets at what people need to buy them at in order for you to show a profit. Simple enough. John
I think at this point it's past valuing them at the level that shows a profit; most these banks are just hoping they can value the assets such that they don't get forced into bankruptcy.
All this so Bush could stand up a say " more americans own their own home now thean ever before" And the Rep lost the election in 06. Now the banks are getting bailed out at the tax payers expence.
http://www.financialnews-us.com/?page=ushome&contentid=2450244794 I don't think Linda Thomsen is having a good day. My choice, I'd hope she rot in hell, but I don't hate Satan that much.
and she's been a golden spoon baby and a "Smithy" to boot ! http://en.wikipedia.org/wiki/Linda_Chatman_Thomsen