Jump to content

Get your 10k party hats!


Recommended Posts

  • Replies 80
  • Created
  • Last Reply

Civil War In Corporate America: Banks Battling The Chamber On Accounting Rules

 

http://www.huffingtonpost.com/2009/11/05/c...m_n_347704.html

 

"Amid the ongoing financial regulation overhaul, the banking industry is hoping to pull off a quiet power grab that has eluded its grasp since the Great Depression, by stripping the independence of the board that sets financial accounting standards.

 

"The move could effectively let banks set their own accounting standards in rough economic times.

 

"Astonishingly, at a time when the public is crying out for greater regulation to limit excessive risk-taking by financial institutions, the banks are trying to get Congress to agree that the next time there's a big downturn, they should have the ability to alter their accounting standards -- essentially, fudge the numbers -- so that the public and investors won't be able to tell how insolvent they really are. "

Link to comment
Share on other sites

Yeh, didn't even want to go there on family premiums...too damn scary...

 

CBO estimates 20% of income for family of 4 making 100K.

 

Crazy stuff. Almost everyone in Congress has sold their soul to the health care industry & other big Special Interests. They wouldn't have had enough money to finance their campaigns if they hadn't. So any health care bill that gets passed is likely to be so affected by the oceans of $$$ that health care companies spend on lobbyists, campaign contributions etc. that it is likely to make matters worse, not better. Until we get campaign finance reform, such that taxpayers pay for campaigns and the FCC requires radio/TV stations to donate a certain amount of air time for free to political campaigns, then we'll keep having lobbyists write the laws.

 

It's unfortunate that our government is so perfectly efficient. We have currently structured our government so that its goal is to serve big Special Interests. It does this so well, that Congress is worth every penny of the huge amounts these groups pay for Congress's prostitution service. I don't understand why so many people think that government is inefficient. The U.S. Congress is one of the most efficient prostitution services on the planet. Congress's Special Interest Group customers always "have it their way", leading to a large and loyal repeat customer base of health care companies and others continuing to buy the services of Congress. If it were a stock I'd buy it in a minute. Oh, wait, I already have. But as a "shareholder" of Congress and taxpayer, I am not getting the good ROI that one would have expected from such a successful business; the profits have all gotten siphoned off.

Link to comment
Share on other sites

Latest Story

 

Badda Bing or Something More- Professional Edition

Sunday, November 8, 2009 By Lee Adler They’ve used a lot of thrust energy just to get half way across the range. The question now is whether this thrust will last long enough for the intermediate cycles to get involved or whether this is just a flash bang badda bing badda boom you’re done counter rally. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information useful, I will give you a full refund. It’s that simple. Click here for more information.

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

  • Tell a friend

    Love Stool Pigeons Wire Message Board? Tell a friend!
  • Recently Browsing   0 members

    • No registered users viewing this page.
  • ×
    • Create New...