Wednesday, January 28, 2009

Robert Rubin Says ‘Mark-to-Market’ has Done ‘Damage’

Another Rubin legacy, "mark-to-market" asset pricing. This should have been eliminated a long time ago. At least he admits now that it was a bad idea. However, how stupid would it be to remove bank assets to an aggregator bank at this point in time?? That's like selling out at the bottom. A year or two from now when the economy is back on track and asset prices are rising once again the banks will have to buy back those very same assets at much higher prices. Dumb!!!

Read full article here.

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