There's also an interesting collection of quotes here about the proposal to give the SEC the power to suspend mark-to-market accounting. The comments are also a great read. Favorite quotes:
- "Suspending mark-to-market accounting, in essence, suspends reality." -- Beth Brooke, global vice chair at Ernst & Young LLP;
- "As a former MBS derivative trader...... all I can say is that not requiring traders to [d]o MTM is essentially a license to print your own bonus...to say the least, this is not what an already opaque asset class needs at this time!" -- comment by Anonymous;
- "If the credit markets have seized up because nobody knows who holds the toxic waste on their balance sheets, how is hiding it and pretending it isn't there going to help?" -- comment by IrvineRenter.