Jim’s Mailbox

Posted at 2:09 PM (CST) by & filed under General Editorial.

Dear Jim,

You said that FASB, under significant pressure, would trade away years of their long and well earned reputation this weekend by more than likely supporting value to maturity – another title for accounting bullshit.

Will this change everything?

Your friend,
The Green Hornet

Mr Dear Old (me not you) Friend,

The value of this garbage has already been set in cement. This is a professional, not yet public, panic based on the financial destruction between financial institutions. The FASB cannot cure bank (professional) trust of each other by instating a foundation of today’s new fabrication, value to maturity.

The reason for this is value has already been set to “Value to Maturity.”

Merrill got 20 cents on the dollar. Lehman got less than 10 cents.

Only numb-nuts can fluff that off.

What a shame to see the policemen of proper auditing of values bastardize all the good they have done in one cowardly act of submission

Yours,
Jim

Dear Little Tatanka,

According to the following article, it looks like a holiday is coming to the UK on Monday.

Best,
Ciga Big Tatanka

State to save HBOS and RBS
Government set to become biggest shareholder in top banks as Japanese weigh bid for Morgan Stanley
John Waples and Iain Dey

THE government will launch the biggest rescue of Britain’s high-street banks tomorrow when the UK’s four biggest institutions ask for a £35 billion financial lifeline.

The unprecedented move will make the government the biggest shareholder in at least two banks.

Royal Bank of Scotland (RBS), which has seen its market value fall to below £12 billion, is to ask ministers to underwrite a £15 billion cash call.

More…

Dear Big Tatanka,

The Chancellor said, “Hey, it’s only a small holiday. Give us a break, we’re broke like everybody else!”

Jim