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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Tue Apr 15, 2008 1:45 am Post subject: Ring-Fence the Bad Assets- Re-Arranging the Deck Chairs on t |
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By: Paul_L_Kasriel
Yesterday I expressed my opinion on the lack of economic substance of allowing financial institutions to value the assets on their books at historical cost or whatever they so desire ( Mark It as You Choose, but Is Enough Cash Coming In? ). Today, yet another "costless" solution to the bad-asset problem is being put forth in the Financial Times - quarantine the bad apples from the good ( Wall St banks seek to ring-fence bad assets ).
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Simply isolating the bad assets does not make them "good." Selling the isolated bad assets in an arms-length transaction to some other private entity presumably results in a loss for the seller. If not, why are they considered bad assets? Selling the isolated bad assets to some government entity at some price above an arms-length transaction shifts the loss from the selling institution to the taxpayers. When will the modern-day alchemists face up to the fact that they have lead, not gold, on their balance sheets, take their losses and move on?
Jobless Claims - If One Week Does Not a Trend Make, How about 4 Weeks?
http://www.marketoracle.co.uk/Article4213.html |
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