Three terrific charts on Level 3 assets — these are the difficult to trade/value/sell junk.
Check out Citi, and Fannie & Freddie!
Charts via Jake at EconomPic
I cannot figure out why the SEC and FASB simply refuses to force firms to inform investors what is actually on their books. I guess they are particularly enamored of the Japanese model.
FASB: OK For USA to Turn Japanese (July 2008) http://bigpicture.typepad.com/comments/2008/07/fasb-ok-for-usa.html
Turning Japanese? (September 2003) http://bigpicture.typepad.com/comments/2003/09/turning_japanes.html