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View Diary: Back from the grave: financial deregulation lives again (101 comments)

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  •  Maybe, maybe not (8+ / 0-)

    2008 proved (or at least should have proven to you) that once a major player can't pay on those bets (ej. AIG) that notional value suddenly means everything.

    ¡Cállate o despertarás la izquierda! - protest sign in Spain

    by gjohnsit on Tue Mar 26, 2013 at 03:46:38 PM PDT

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    •  AIG hid all its toxic CDS in a London subsidiary (0+ / 0-)

      And was regulated by the state of New York insurance commissioner.  No law will stop an overseas subsidiary from selling whatever the hell they want to.

      I worked with FASB to help write a rule on lease valuations overseas -where the parameters are known.  And that failed.

      "The way to see by faith is to shut the eye of reason." - Thomas Paine

      by shrike on Tue Mar 26, 2013 at 04:04:56 PM PDT

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      •  Really? FASB!!! You must be f*cking kidding me! (4+ / 0-)
        Recommended by:
        AoT, joe shikspack, 3goldens, gjohnsit

        At last, after YEARS of you trolling my diaries and those of so many others speaking truth to Wall Street power in this community, I now have (your disclosure and) an answer as to your motives. The Financial Accounting Standards Board, based in Norwalk, CT, about a half-hour from my house!? The entity bullied by the House and Senate and just about everyone else in the 1% to FULLY ENABLE off-balance sheet accounting by the TBTFs?!?!?!? (Yeah, I know, a couple of the "rules" were later reinforced...but, we ALL know that was nothing but a shell game, don't we? And, then there's the good-bank/bad-bank bullshit that FASB's rules also enabled!)

        Well, at least I can say "THANK YOU" for the disclosure...but, it was only after years of YOU trolling not just my posts, but so many others' posts in this community of those (reiterating) stating truth to power regarding the comings and goings of the TBTFs, HEAVILY ENABLED by the FASB and its minions, such as yourself.

        THANK YOU FOR YOUR DISCLOSURE (about 3-4 years too late...but, I'll take it).  It FULLY EXPLAINS quite a bit to me!

        "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

        by bobswern on Tue Mar 26, 2013 at 04:18:19 PM PDT

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      •  If you failed then why is it (5+ / 0-)

        that you think you are competent to say what can and can't be done? That seems like a bit of a pickle there. I assume you just think that everyone will fail where you did.

        If debt were a moral issue then, lacking morals, corporations could never be in debt.

        by AoT on Tue Mar 26, 2013 at 04:40:48 PM PDT

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        •  "Those who can, do; who can't become consultants" (3+ / 0-)
          Recommended by:
          AoT, 3goldens, bobswern

          At three times the salary, too.  {snort}

          "Things fall apart; the centre cannot hold...The best lack all conviction, while the worst Are full of passionate intensity" -W.B. Yeats

          by LucyandByron on Tue Mar 26, 2013 at 05:10:51 PM PDT

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