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October 15, 2008
Mark to market not the problem
Floyd Norris makes a great point in his blog today -- The Problem Is the Assets, Not the Mark:
The CFA Institute, the organization of certified financial analysts, distributed a questionnaire to its members on Thursday, and so far has received more than 5,000 responses from people whose job it is to review financial statements and make investment recommendations.
It should come as no surprise that they are more concerned about banks overvaluing assets than about the possibility that mark-to-market accounting is causing assets to be valued at unreasonably low levels.
So, remind me again why it is a good idea to keep cooking the books?
Posted by Ken Jarboe at October 15, 2008 9:45 AM
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