Hummeron

The U.S. Financial Accounting Standards Board ((FASB)) will discuss mark-to-market guidelines at a board meeting Monday. The FASB says it will focus on "additional application guidance that would clarify how mark to market is used in illiquid markets." Earlier today, FASB chairman Robert Herz told a House subcommittee that new rules could be implemented within three weeks.

I'm not an accountant, however I know that a lot of companies also use the mark to market method to report assets. Will these changes affect everyone?, and how will that affect public listings, and the financial information that people base investing decisions upon?

A Fed About-Face on GMAC?

There is a fundamental WRONG at work here.
Any program of assistance contemplated by the government for mortages is not retroactive to prior failures.
By asking for bailout money GMAC is in fact admitting failure.
The institution is then allowed to convert itself into a qualified entity, after ther fact, and access TARP funds through the back door.
Where is the equity in this for the past housing bankruptcies?
The entire US financial regulation system and the current people who "manage" it, need(s) to be drawn, quartered, and boiled in oil.