Tuesday, January 25, 2011

gotta keep up, maybe not, maybe ok

… who knows what’s happening anymore as the “world” shifts from being “real” or a “place” to being a quantum possibility or a new, consensus agreement.  What is making him go on like this? 

Look:

Just Change It

accounting

Are your pesky investors demanding that you beat earnings expectations?  Are those same investors expecting you to make a profit on your real estate portfolio?  Having difficulties in these trying times?  No need to worry friend; if something is hampering your success because of an “outdated” silly notion like honest accounting – just change it.

  • GAAP accounting got you down?  Just change it – use non-GAAP accounting.
  • Non-GAAP accounting got you down?  Just change it – use Pro Forma (aka, make-it-up-as-you-go-along) accounting.
  • Mark-to-market accounting for housing hampering your bonus?  Just change it – get Congress to force FASB to suspend it in favor of “Mark-to-Unicorn” accounting.
  • Going to report a huge EPS loss?  Just change it – turn all recurring losses into “one time charges.”
  • Are you the Chairman of Federal Reserve and worried about the MASSIVE potential losses you may experience by guaranteeing everything on Fraud Street?  Just change it – change the accounting procedure and make the Treasury eat the losses.


In a recent report from Bank of America we read:


Accounting change prevents a Fed “insolvency” scenario


Mounting concerns about Fed “insolvency” post QE2

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