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View Diary: Senator Elizabeth Warren Strikes Nerve, Terrified Bankers Howl In Protest (186 comments)

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  •  Mark to market (5+ / 0-)
    Recommended by:
    CTMET, eXtina, elwior, emal, Woody

    As soon as that accounting rule was repealed, the banks could arbitrarily assign any value they wanted to their assets and liabilities, and any student of the industry knows that therefore their accounting is complete fiction.  THAT's why the banks trade below book value: because book value is a fiction.

    -9.00, -5.85
    Quite an experience to live in fear, isn't it? That's what it is to be a slave.

    by Wintermute on Sat Feb 16, 2013 at 04:04:45 PM PST

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