FASB 157: Mark to make believe revisited

bloomberg.com/news/2010-11-1 … -weil.html

Sounds a bit like LTEV, doesn’t it?

Yep.

And like “you can’t sell it for less than build cost”.

Makes you wonder about the fair value models used to value derivatives on Irish bank books…

Love revisiting this topic - it’s the “hidden hand” in the US:

FAS-157e - The Real Reason For The Stock Market Rally?
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