Moon Kil Woong
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SEC to Demand Loan Loss Clarity in MD&A Disclosure [View article]
The SEC is a captured entity by the brokerages first and big corporations and the rest of the financial sector second. Their proposal is wose even than mark to fantasy because at least that has to have some theoretical rationality to it. We need a real return to proper accounting that reveals the cost of real risk. The reason so many banks are failing is because such fantasy valuations make it impossible for anyone to properly assess the value and risk of any asset any company puts onto their balance sheet.
Under the SEC's plan you bought a fake diamond you could call it a real one as long as you avoided getting a professional to assess it. That is until you go bankrupt. Then when the bank goes under the public gets the fake. This is so SEC.