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Exodus Posts: 2081 Incept: 2007-08-29 
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http://www.patagoniafinance.com/2007/11/.... Decent explanation of Level 3 and FASB stuff for the average Joe.
2007-11-16 14:41:16
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Krush Posts: 5362 Incept: 2007-08-19
WTF Island, Pacific
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Good find...me love you long time.
---------- "The gap of real GDP and the fake GDP is already as wide as a slut gang banged by 1000 people. I can't imagin people will say: gee, this slut is tighter than expected."--Mliu_01
2007-11-16 15:34:19
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Kurtosis Posts: 1142 Incept: 2007-10-30 
Honolulu
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From the article:Quote:Starting November 15th, the rules set forth by FASB 157 change how that value is determined. They are shining the light on these buckets and we'll now get to see what's really in there and more importantly what the bucket is worth. Is that using Goldman's internal valuation methods, or the FASB's new rules? ---------- The Depression is already here, it's just not evenly distributed.
2007-11-16 17:15:54
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Exodus Posts: 2081 Incept: 2007-08-29
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Not sure. Good question!
2007-11-16 19:37:14
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Kurtosis Posts: 1142 Incept: 2007-10-30
Honolulu
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Just really curious what the new rules will force Goldman to publicly admit. Yesterday was the day, but can't find anything on Bloomberg or other major sites about it. I'd think it would be headline news, no matter what they say.
---------- The Depression is already here, it's just not evenly distributed.
2007-11-16 19:57:59
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Alfredkroes Posts: 66 Incept: 2007-09-28
Amsterdam Netherlands
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http://www.tickerforum.org/cgi-ticker/ak.... The new rules are postponed for a year! Whonder why!! ---------- Do not steal. The Government hates competition.
2007-11-16 20:02:41
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Pika-steph Posts: 39200 Incept: 2007-09-11
^Why I keep^ fighting; so he is not fighting for nothing. Online
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---------- Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org  "America is at that awkward stage. It's too late to work within the system, but too early to shoot the bastards."
2007-11-16 20:28:57
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Omm Posts: 1623 Incept: 2007-08-29 NC
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I wrote a better one than that last week: "Mark to market means, let's say you're selling some old Griswold iron frying pans at the flea market. The shops inside have them marked at $45-$50. You think yours are worth the same. You mark them at the same price as the other guys and they don't move. So next week you cut your price to $25 and voila, you sell out. This has everyone else who is selling them worried, because you are selling and they are not (that's all they're worth?). You have established a market price for antique frying pans, and the others guys are forced to sell them at that price. You have forced the other guys to "mark their frying pans to market". Something is only worth what someone else will pay for it, whether it be frying pans, cars, real estate, or a piece of paper representing real estate debt, which is what you get when you invest in a CDO. This is why that State Street Carina CDO meltdown was a big deal. The investors said, screw it, sell my shares for what you can, we want out." ---------- "Don't whine because the Chinese won't play fair. They're communists." Xennady Jan 21, 2010.
2007-11-16 20:33:14
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Kurtosis Posts: 1142 Incept: 2007-10-30
Honolulu
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Quote:The new rules are postponed for a year! Whonder why!! 
---------- The Depression is already here, it's just not evenly distributed.
2007-11-17 00:58:31
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Financeguy Posts: 4946 Incept: 2007-08-10
Charlotte
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The postponed impact is minor as it impact non-financial assets. Goldman is going to get hit pretty hard- question is they obviously have no problem shorting anything and then talking down the postion. How much will this offset the losses will be interesting to see. Another one is Wells Fargo- better than most (like being the world's tallest midget) in the space but still going to get hammered in California. At any rate the rule began yesterday for companies to begin reporting going forward. My guess is that the attention is going to force anybody to disclose their accounting anyway and try and defend their position. Like Fannie today folks are not going to like what they hear in some cases. The accounting is artistic at best! ---------- "Granted, if you are not into Barbara Streisand and creme brulee, South Beach could be a tad lonely." Eleua
2007-11-17 01:08:04
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Keepingmyoptions Posts: 238 Incept: 2007-10-21 CA
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I think what the big boyz are looking for in Level 3 is a new greater fool. Reminds me of a neighbor who overpriced his house, letting it languish on the market waiting for some stupid guy who was being relocated, and the relo service paid the inflated price. Guess the big IBs want to line up the big fools to suck their sewage. ---------- We are in a bicycle economy. The only way to stay solvent is to keep trading, or tip over.
2007-11-17 01:18:39
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Kurtosis Posts: 1142 Incept: 2007-10-30
Honolulu
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Quote:obviously have no problem shorting anything and then talking down the postion. Can Goldman short themselves? 
---------- The Depression is already here, it's just not evenly distributed.
2007-11-17 04:08:02
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