Bailout Protest: Call The FASB Today @ 203-847-0700; The Vote On Mark To Market Is Thursday
I originally posted this story in April to coincide with the vote on FASB 157. In light of these recent developments, it's another good time to pick up the phone and let the FASB know that you support transparency, sunshine and truth in all matters, but especially those relating to fair-value accounting.
They are trying boldly to stand firm against the monolithic banking lobby and Congress. Let them know you support their new stance as explained recently by Bloomberg's Jonathon Weil.
Most importantly, contact your Congressional representatives and ask them NOT to support this bizarre and frightening piece of legislation.
The vote on mark-to-market accounting (FASB 157) is tomorrow.
Let's have some fun and call the FASB today. We might as well put up a fight and let them know some of the sheeple are awake. They have likely never received more than 25 calls in a day from taxpayers.
Let's see how they feel about 1,000 calls.
Here is the shortened URL for this post. Email it to folks on your email address list. Post the URL whereever you hang out online.
The FASB is based in Norwalk, Ct.
Email: director@fasb.org
Phone number: 203-847-0700
Their vote on modifications (gutting) of FASB 157 occurs Thursday. Call them and show them some support. They have tried mightily to withstand pressure, but certain Congressional members beholden to the financial services lobby have been exerting extreme pressure.
Tell them you support transparency and honesty and the new modifications to FASB 157 are a dangerous precedent for market integrity.
Tell them to vote 'NO' on the modifications.
Please help by emailing this story to a few friends. Promoting greater awareness is our only chance at stopping the heist. Sending just 2 emails can make a tremendous difference. Thank you!
Jul 29, 2009 at 12:26 PM
Reader Comments (9)
Now THOSE are some sharp organizing skills. Very sharp indeed.
Keep up the great work.
Again try emailing: director@fasb.org
I added your email suggestion to the main post.
Sir or Madam, I urge you to keep a basic standard of accounting assets to their current market value. This meltdown occurred by expected future valuations on assets and we cannot continue this malaise by ignoring the fact that these assets were and are grossly overvalued, even at todays reduced pricing. We can never fully grasp the severity of the boom or begin to heal without taking assets to some baseline level established in the free marketplace. Only then, will we begin to accurately price the assets that have been causing such economic carnage. If the market can get this benchmark in place it may in fact lead to investors doing what they do best...invest. Thank you for taking the time to listen to my plea.
Published: March 31, 2009
THE Obama administration’s $500 billion or more proposal to deal with America’s ailing banks has been described by some in the financial markets as a win-win-win proposal. Actually, it is a win-win-lose proposal: the banks win, investors win — and taxpayers lose.
http://www.nytimes.com/2009/04/01/opinion/01stiglitz.html?_r=1
A technical question: would these changes allow the "legacy" assets (the assets formerly known as "crap"), to be Marked to Fantasy, regardless of how much they sell for under PPIP? On the other hand, how to explain the fact that some of the TARP banks are now BUYING the same kind of assets they're supposed to be getting rid of? Does M2F make it possible to have what Bill Gross is calling a "win-win-win" scenario -- i.e PIMCO wins, select hedge funds win, banks win?