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hf-implode.com - 16 days ago

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

— hf-implode.com — "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 -- ... (more) Civil War In Corporate America: Banks Battling The ...

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FT Alphaville:  Wall St’s unlikely saviours - community banks

Rolfe Winkler:  Amendment could neuter FASB

The Market Ticker:  More Extortion By The Banks

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The Baseline Scenario:  Banking In A State

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Banks to set their own accounting standards? http://bit.ly/Q2V02 #RevalAcctg4Risk 14 days ago

Civil War In Corporate America: Banks Battling The Chamber On Accounting Rules: http://tinyurl.com/ybv6wcn 15 days ago

RT @EdithO: Civil War In Corporate America: Banks Battling The Chamber On Accounting Rules http://bit.ly/3aWG9a (via HuffPost) 15 days ago

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Wall St’s unlikely saviours - community banks
FT Alphaville — It’s being billed as an outrageous piece of behind the scenes lobbying by Big Finance. Moves are afoot to overlay the Financial Accounting Standards Board, which sits inside the SEC, with a new “oversight board”  - a regulator’s regulator, if you like. The subtext here is all about mark-to-mark accounting: this new oversight board would be able to suspend accounting rules if they were deemed to pose a systemic threat to the financial system in the future. And its caused Ryam Grim at Huffington Post, to huff: ...

Amendment could neuter FASB
Rolfe Winkler — ... Sarbox isn’t the only regulatory regime under threat. As Ryan Grim writes over at HuffPo, an amendment has been introduced that would put FASB under the thumb of the new systemic risk oversight council, and give the council the power to literally do away with inconvenient accounting rules that pose a problem for banks. ...

More Extortion By The Banks
The Market Ticker — ... Zerohedge reported back on October 21st that the repo test was allegedly "a failure."  We now have confirmation that it indeed was, and in addition, we now apparently have the primary dealers - once again these are the "really big oligarchs" - Goldman, Morgan Stanley, JP Morgan, Citibank, etc - that are now twisting The Fed's arm to allow them to do exactly what caused the meltdown in the first place as "compensation" for entering into these reverse repos. We also have this: Amid the ongoing financial regulation ...

Banking In A State
The Baseline Scenario — ... Barney Frank points out that small banks have political clout also, and of course he’s correct that this drives some issues.  But how many small banks spend their time (and lobbying dollars) on Capitol Hill insisting that large banks must not be broken up? ...