Fantasi-prissättning av tillgångar kvarstår sedan bankerna satt press på FASB
Många har imponerats av hur snabbt de internationella storbankerna återhämtat sig efter kraschen 2008. De som satt sig in i detaljerna vet dock mycket väl att det var till största delen tack vare ändrade redovisningsregler, där bankerna tilläts att i princip värdera sina tillgångar helt godtyckligt istället för att låta marknaden sköta värderingen. Detta innebar att man kunde sälja tillgångar till överpris till bl a Federal Reserve och låta skattebetalarna ta hela smällen.
De ändrade redovisningsreglerna uppgavs dock vara av tillfällig natur (man skyllde på att det kaotiska och ansträngda läget innebar att tillgångar inte prissattes korrekt av marknaden) och att så fort läget stabiliserats så skulle de gamla reglerna, där marknaden fick sätta priset, mer eller mindre återinföras.
Häromdagen kom dock det allt annat än oväntade beskedet att FASB, den amerikanska motsvarigheten till den internationella standardsättaren för redovisning IASB, viker sig efter påtryckningar från bankvärlden och kommer inte att återinföra marknadsprissättning av tillgångar.
Se detta som en bevis för att den finansiella situationen, trots att man lyckats sälja av en hel del skräp till skattebetalarna och trots det påstådda förbättrade läget, så kan man ÄNDÅ inte återinföra marknadsprissättning då ponzi-spelet troligtvis skulle kollapsa.
Här är ett utdrag från Bloomberg:
The Financial Accounting Standards Board backed off from its plan to make banks use market values to calculate how much the loans on their books are worth.
The panel, which sets U.S. accounting standards, today approved a change to its proposal that will allow banks to report some financial instruments on their balance sheets at amortized cost, as they currently do, rather than at fair value. The biggest U.S. banks and the American Bankers Association had opposed the original plan.
FASB’s planned rule would have forced lenders to mark deposits and loans to market values as they already do for traded securities. Not all changes in the values of assets and liabilities would affect net income, since some fair-value adjustments can be recorded in what’s called “other comprehensive income,” a balance-sheet item added or deducted from equity.
Här är en kommentar från Jim Sinclair:
I believe you were informed a long time ago about each of these manoeuvres used to make billions in OTC derivatives.
Notice how all the officers and board of director members have been hiding now for years? Their silence is deafening.
Och här är en kommentar från ZeroHedge:
By now everyone is aware that following tremendous pressure by the banker lobby, which knows too well the Ponzi jig will be immediately up if Quantitative Easing’s TBTF Madoffs are forced to disclose the true value of their worthless assets (yes, true value comes from asset cash flow generation, not from diluting money), the FASB decided to stop its push for a return to MTM.
From the WSJ: “Accounting rule makers, bowing to an intense lobbying campaign, took a key step Tuesday to reverse a controversial proposal that would have required banks to use market prices rather than cost in order to value the loans they hold on their balance sheets.”
Transparency? What moron would propose that in an economy that is so obviously healthy and surging. After all, the only way to validate a surging stock market, er, economic recovery, is through bullshit numbers pulled out of the ass. That way they can pretend to tell us the truth, we can pretend to believe them, and everyone will frontrun the Fed who pretends not to be buying stocks. And it would have been great if it ended there. Alas no. Following the announcement, none other than Bill Isaac, current Chairman of LECG, but far more importantly, former Chairman of the FDIC under Ronald Reagan decided to send out a gloating email to his entire address book explaining what a moral victory it is to kill the MTM monster that is the sole reason for the near collapse of capitalism in 2008, and how truly wonderful it is for everyone to live in perpetual lack of knowledge of what the true value of any company’s assets really is. Unfortunately, this just goes to show what the existing, extremely bribed, leaders of the nation’s most vital organizations really think.
Related posts:
Senaste kommentarerna