Monday, October 20, 2008

Speechless!

EU Banks Get Leeway on Making Write-Downs

"LONDON -- European banks could soon find it much easier to avoid write-downs thanks to changes in accounting rules being pushed through by European policy makers. In moves that analysts say could boost earnings but make it harder to discern the financial health of banks, the European Union and international accounting standard-setters are loosening so-called mark-to-market accounting rules, which require banks to value investments at the price they would get if they sold them immediately." Goodbye transparency, although we never actually met.

Posted by renting2 @ 10:26 PM (630 views)
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3 thoughts on “Speechless!

  • Pardon my ignorance. But, what are the long-term consequences of this proposal?

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  • Speechless is right. So many criticisms of this nonsense, where do you start?

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  • planning4acrash says:

    This is why I do as the bankers do. Only get fiat money to buy real assets, and ALWAYS avoid debt. Think about it. A vegetable patch rises in value with inflation, or, retains its value as currency goes down. Gold is manipulated, but at least its a real asset with a true industrial value. A pressure canner and glass jars for canning, for example, are worth more than their weight in gold, imho, and become increasingly valuable, relative to fiat money, as food prices rise. So, get fiat money whilst it still buys stuff, and invest in the real economy. Invest primarily in self sufficiency, and, after that, in the real external economy. Only we can rebuild our economy. Others are only here to suck it dry.

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