Happy Fourth, America!
Happy Fourth! Just watched The Perfect Game, a remarkable movie based on a true story that captures the American dream at its best. America’s game — yes, baseball — played (mostly) by the rules. Immigrant* underdogs win through sheer grit, pluck, and faith against enormous odds. *Technically speaking, the kids in this story were not yet […]
Comments on FASB’s fair value amendment reflect FAS 157 distress
Lenders have been hammered by the pathologically procyclical impact of FAS 157’s mark-to-market regime. Hardly surprising, therefore, that banks and credit unions came out in force to support the latest FASB “clarification” of FAS 157. Some other commenters, mostly from the “analyst” community, emphatically disagree.
Citigroup bows out of Wachovia talks . . . finally
The Wall Street Journal is reporting this evening that Citigroup, because of what I suspect was its own negotiating faux pas, is now throwing in the towel on talks with Wells Fargo over the purchase of at least part of Wachovia Bank: