Quote of the Day: Fair Value Accounting

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Wachovia went out with a book value of $75 billion. Citi paid $2 billion. Could it be that asset values are overstated, not understated?

-Michael Rapoport, Dow Jones

 

Gee, I dunno. Better obscure them as soon as possible . . .

 

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Source:
Lying Bank Accounting
Floyd Norris
September 30, 2008, 1:37 pm
http://norris.blogs.nytimes.com/2008/09/30/lying-bank-accounting/

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