… 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
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 No need to worry friend; if something is hampering your success because of an “outdated” silly notion like honest accounting – just change it.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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