Mark-to-Market Lobby Buoys Bank Profits 20% as FASB May Say Yes

You think I was kidding about mark to market here and here?

Excerpt: (it basically says it all)

The changes proposed on March 16 to fair-value, also known as mark-to-market accounting, would allow companies to use “significant judgment” in valuing assets and reduce the amount of writedowns they must take on so-called impaired investments, including mortgage-backed securities. A final vote on the resolutions, which would apply to first-quarter financial statements, is scheduled for April 2.

http://www.bloomberg.com/apps/news?pid=20601109&sid=awSxPMGzDW38&refer=home

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