i am going to try that with my mortgage held by Wells. I am confident that the payment of $2000 that I just made will be worth $250k in a couple of years based on the declining dollar, that I now post on my financial statements that I own my house free and clear. No wonder everybody beats on earnings? The market gets artificially pumped up, and the losers don't get marked down anyway. Why isn't this a bigger story?
It isn't a bigger story for the same reason the whole change from mark-to-market to mark-to-fantasy wasn't a bigger story. Those without any accounting or finance knowledge/education really don't understand what it all means or the implications of such practices. Therefore the general public doesn't care. Therefore the media lets these issues slip under the rug. There is a reason the USA is one of the only countries that are reluctant/slow to implement the new international accounting standards (IFRS).
Are there any accountants here? This may be a naive question, but does not what Berkshire did violate even US accounting standards (PCAOB standards), and if so how can Berkshire's auditors sign that little letter at the end of the annual report that say ""...in conformity with generally accepted accounting principles..."? Or is this crap "generally" accepted?