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Voodoo Tax Breaks Berry’s Troubled Assets

THIS is reply to Richard North’s post: Why Gordon Brown’s Rescue Package Is Not Going To Work, by Chenier…

It’s crap.

Sorry, not you FSBFP, the stuff about the accountancy rules.

They already changed them, and I wrote a piece about it at the time; it did f*ck all to improve matters.

John M Berry is being somewhat disingenuous in not mentioning in his article that the SEC had already issued a statement allowing people to take a much more cheery view of their Troubled Assets, but perhaps he just overlooked it in all the excitement.

(Image: Beau Bo D’Or)

Equally, John M Berry pointedly ignores a little local difficulty called Enron, which I suppose is unsurprising given that the fraud there involved taking a view of their Troubled Assets so cheery that people ended up doing jail time.

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Posted: 14th, October 2008 | In: Back pages | Comments (7)