Lee Eugene Munson comments on mark-to-market accounting. Published on Seeking Alpha
Yesterday the house Financial Services Subcommittee run by Paul E. Kanjorski (D-PA) discussed mark-to-market accounting.

Why do you care? Some misguided wicks out there (i.e. Warren Buffett and Steve Forbes) have asked for the M2M (yes, we have a silly text friendly symbol for mark-to-market now, twitters rejoice!) to be banned. On one hand I say yes, but only if it applies to me as well. It would allow me to ask my clients to stop using their current portfolio balances and simply use the balances from 2007. This would make me look spectacular, my referrals would shoot though the roof, and nobody would call concerned about the future of their retirement. The problem with this is that it is a fraud. People seeking to ban the M2M rule are asking the investing public to support the next great Ponzi scheme. The only difference in this scenario is that trades are placed and the money is invested in bank debt.
Read the full article here.

Tags: accountig, BAC, bank debt, banks, C, credit freeze, Fiancial Services Committee, JPM, Kanjorski, lee munson, M2M, marked-to-market, Ponzi, steve forbes, Warren Buffett, WFC