The Banking Imbroglio - Come Home America - June 10

Considerable e-mail correspondence has been received from our members on the subjects of “toxic assets,” the “mark-to-market” rules, the bank “stress tests” and now this week’s announcement that virtually all of the large banks (except Citibank, Wells Fargo and Bank of America) will be permitted to repay the U.S. government for loans made to them under TARP.

These materials have been posted for everyone to read because “Come Home America” (as well as William Greider’s previous best-selling books) have focused to a considerable extent on economic problems. And because posting them for everyone to see should facilitate our discussion this evening.

Apparently, the reason why so much e-mail has been directed toward me is that I majored in economics in college before attending Harvard Law School and, I am guessing, the authors of the e-mails thought I had sounded knowledgeable in past postings on our bulletin board when we had discussed economic issues. In addition, much of this issue deals with the “mark-to-market” accounting rule and I did receive the Sells Silver Medal for ranking 2d out of 28,788 candidates nationally on the Fall 1971 Uniform CPA Exam.

(I hope readers will NOT assume that this is an attempt to brag, but merely an attempt to re-assure them that my comments can be accepted with some degree of accuracy.)
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