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Vincent Poncet

Bankers were all really happy of FASB 157 when prices were going up, that book valuation should be the actual market price, blablabla, so accounting profit could go higher ... and manager's bonuses too...

Now, they are all explaining that marking to actual prices is wrong because market is irrational, etc... so, lot of accounting losses and manager's bonusses should go down now.

Some are now explaining franckly that marking to market is a good thing when price are going up, but not when price are going down.
http://calculatedrisk.blogspot.com/2008/07/when-in-doubt-blame-accountants.html

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