Word: marketed
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Dates: during 2000-2009
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...Others seem to be coming around to the banking industry's position. On Tuesday, Federal Reserve Chairman Ben Bernanke said he would support changes in pricing illiquid assets. Also this week, investor Warren Buffett said in a CNBC interview that he would favor suspending the mark-to-market rules. Even the Securities and Exchange Commission (SEC), which has long backed these rules, recently asked the Financial Accounting Standards Board (FASB), a private group based in Norwalk, Conn., that sets accounting rules in the U.S., to look into the matter. FASB spokesman Neal McGarity says his organization is doing that...
...resistance? The FASB and the SEC say mark-to-market accounting is a key to the economy's transparency, and want to proceed cautiously before changing the rules for illiquid assets. Investors are already skeptical of bank stocks. Add more uncertainty to their books, and the shares might fall further...
...with few options left to save the banks, government officials might see a change to mark-to-market rules as the most promising way remaining to bolster the banks and their bottom lines. What's more, relaxing the accounting requirement might make it easier for Treasury to iron out a plan to remove toxic assets from bank balance sheets...
...banks are allowed to market the toxic assets back up to their original precrunch prices or close to them, that would give the Obama Administration political cover: Treasury can come in and underbid the value of the toxic assets, declaring before Congress and the taxpayers that it is driving a hard bargain with the banks...
Global downturn notwithstanding, Fahmy plans to move into New York and elsewhere in the U.S. market by 2010. It's not just money she's after. Fahmy wants her emerging brand to help change the world's image of the Middle East. "The West has not understood us well," Fahmy says. "We didn't sell ourselves and gave them the façade of terrorism instead. Those of us involved in culture have a duty to help repair misunderstandings." And she and Macdonald are doing just that, one accessory at a time...