Banks "Mark To Market" Accounting.
From Greg M
Lions and friends…
IF banks are allowed to implement a "Mark To Market" accounting scheme, (and this appears HIGHLY LIKELY), banks will be able to book profits NOW on potential gains! Its PURE INSANITY.
Moreover, these "potential" future profits can be whatever they want! Just made up out of thin air... sound familiar? Bank executives must be FOAMING AT THE MOUTH over this...
GM
I wonder if this is in any way related to the threat of having to pay taxes on unrealized capital gains (such as our house! -- according to Zillow valuations)
As an accountant and with everything I know about these evil people, this does not surprise me in the least. Anything to extend their survival time, but falling off the cliff is still inevitable.