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Snake Oil And International Accounting Standards Board

I WONDER what Thomas Jefferson would make of lobbyists, and the lunacy at present working its way inexorably down the drain of voodoo accountancy.

You may recall that the Mother of All Bailouts was initially directed at buying up ‘Troubled Assets’ from the Troubled Banks which had acquired them; that plan foundered rather rapidly on the fact that no-one had a clue what the damn things are worth.

The money markets ground to a juddering halt, and only began to inch forward very slowly when the British plan, which focused instead on putting capital into the Troubled Banks was adopted here, in the EU and subsequently in the US.

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Posted: 17th, October 2008 | In: Money | Comment | Comments RSS feed:RSS 2.0