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Mark to myth accounting with a friendly counter party is nothing we have not seen before just Google Andy Fastow.
Apr 05 13:05 pm
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All Comments by Earning REady »New Mark-to-Market Rules: Playing Pretend [View article]
1. Banks loan the money to the friendly counter party to buy the worthless securities.
2. The loan is now counted as an asset on the banks balance sheet.
3. These banks assets begin the appearance solvency.
.
4. Then their friendly counter party plays the same game and counts the worthless asset at face value.
5. This gives the counter party another asset.
When did Enron acknowledge their loans were non performing?