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Gtarras
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Great stuff. Not enough of it out there.I have been arguing with colleagues about it a lot. My issue is that not many people get that. Not because they are stupid, its just not their area of expertise. I build models. I know that when you plug-in "fear market" assumptions (already horribly skewed) into CDO or ABS model, you get "fear squared" or even "cubed" out of it.. How bad is that? Really bad... This way you scare a hell lot of people... and guess what? Finance is all about trust...When you scare people, there is no trust to speak of.. Think Lehman and Bear... And Citi...
Dec 22 16:04 pm
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All Comments by Gtarras »'Fair-Value' Accounting Isn't Fair [View article]
About accountants and auditors.. Its their azzes on the line.. Do you think they will force you to be more or less conservative? and so this is what we get.. scared public, which is clueless how the write downs are calculated.. but hey, auditors signed -off on them, right? yea.. do you think they have a clue themselves? they are not stupid, no... i have no clue about most of what they do... but, i know they dont fully get it, and force you to make it look even worse that "fear cubed"... and try to argue with your auditor...