To: Dealbreaker
From: [redacted]
Subject: FASB Comment Letters spreading around Firm
As you know the FASB has exposure drafts out that introduce the notion that banks should write down all their loans to fair value every quarter (remember the recession) and the comment letters are trickling in. A couple of them are classic. For your reading pleasure… Who knew writing a comment letter required technical savvy. Let’s tell the accounting gods in CT what we really think…
How long until, “other than that, I have no concerns” replaces, “In Soviet Russia….”?
It certainly will get tiring very quickly.
Other than that, I have no concerns.
Other than that, how was the play Mrs. Lincoln?
Too Soon?
In Soviet Russia, “in Soviet Russia” replaces “other than that, I have no concerns.”
Why is this one different than this? http://www.fasb.org/cs/BlobServer?blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1175820800051&blobheader=application/pdf
Da guys I know in da lending business mark-to-market every fuckin’ day, and dey have a good book-a-loans. Yous bankers could learn somethin from my friends’ accounting standards.
- CG
James C. Blaine, President?
Someone has a very historical sense of humor
Mark Klein, MD: “Follow the example of Germany in the way they banned Naked CDS’s!”
L.B.: “Naked CDS’s?”
J.D.: “Forget it, he’s rolling.”
In Soviet Russia, theoretically insane is negligent and reckless. In practice arrogant. No concerns.
@8, exalt to you.
James C. Blaine is the new killing it.
Sounds like Brian Crowell must have worked at Tiger Oil at some point in the late 70s…
http://www.lettersofnote.com/2010/08/tiger-oil-memos.html
AP Economics is the new killing it
Bonobos Pik Toggles, other than that, I have no pants.
It’s true, the banks may no longer be going concerns. Other than that, I have no concerns.
-James C. Blaine
In Soviet Russia, Bonobos wear you and are not otherwise concerned.
@7: Nicely played. I too made the historical connection. However, the JB who locked horns with Roscoe Conkling as a Senator from Maine, served as SecState to James Garfield (and was walking with him when he was murdered) and lost to Grover Cleveland in the 1884 Presidential Election was James GILLESIPE Blaine. JGB, not JCB. Perhaps the commenting JCB is a descendant of the this proud lineage.
– a fan of American History (and Bess)
Blaine, his name is Blaine? That’s a major appliance, not a name.
@17 I just wanted to say that I’m a nerd, and I’m here tonight to stand up for the rights of other nerds. I mean uh, all our lives we’ve been laughed at and made to feel inferior. And tonight, those bastards, they trashed our house. Why? Cause we’re smart? Cause we look different? Well, we’re not. I’m a nerd, and uh, I’m pretty proud of it.
Hi Gilbert
@17/19
I’m a nerd too. I found that out in high school. We have news for the beautiful people. There’s a lot more of us then there are of you. When you’ve commented on Dealbreaker you might’ve been called a spazz, or a dork, or a geek, or an Anal_yst. Any of you that have ever felt stepped on, left out, picked on, put down, whether you think you’re a nerd or not, why don’t you just come down here and join us. No-one’s gonna really be free until nerd persecution ends.
@17 = King of Wikipedia
You couldn’t buy her, though, that’s what’s killing you, isn’t it? [redacted]? That’s it, [redacted]. She thinks you’re shit. And deep down, you know she’s right.
Those nerds are a threat to our way of life
@21 uh, pretty sure being beautiful is correlated with intelligence.
http://smg.media.mit.edu/classes/Identity2004/ZebrowitzHallRhodes.2002.pdf
@7 and 17: Do the letters FO mean anything to you?
@25 = Jessica Simpson
Pretty soon we’ll be up to our necks in nerd shit.
Nice movie to start in with!
@17 – the correct term is assassinated not murdered.
@26, Ogre, you asshole.
Togger Oil Company
Ricky Don Davis, Owner
Suite 1300
Fifteen Greenway Plaza
Houston, TX 77046
Date: December 29, 1977
To: All Togger Oil Company Employees
From: Ricky Don Davis
Effective immediately there will be no ICE-ing of employees. There will be no food challenges. There will be no smashing of a co-workers cubicle. Please take down all the pictures of naked girls on Halliburton Tool Calendars. Company cars are not motel rooms. Please make sure underwear…yours or hers–is out of company pool cars before you turn them back in. Radio phones are FOR TRADERS ONLY.
I will not sign any more expense accounts in 1977 that reference Anadarko marketers up at Winston’s near Greenspoint Mall.
Stop all the talk about Norway producing oil one day. Norway don’t produce nothing but sardines and Finn Juhl furniture. ‘Nuff said?????
/s Ricky Don Davis
HOW TO SWIM LIKE LLOYD:
Intake water through your mantle cavity and expel it through your siphon. Steer using the fins on your head.
CPAs are the stupidest, most boring, ignorant people on the planet. Humorless freaks, but that NEVER prevents them from telling their horrible fucking jokes that no one ever laughs at, except maybe a few other geek accountants.
Never go out with an accountant, and for God’s sake, never marry one. They will ruin your life.
FASB = Fuckin’ Abacus Still Broken?!
@3, other than that Jackie, how was Dallas?
Other than that, I did not have sexual relations with that woman. Anyone got a light?
- BC
does anybody know how to get in touch with brian crowell? i’m starting a list of educators crapping on the public tits, and this guy can’t write for SHIT.
@32 agree entirely.
34 comments and not one about the pedantic pep squad toned e-mail, “Let’s tell the accounting gods in CT what we really think…”.
Wondering what lucky client is going to be billed for writing her e-mail, searching for two unfortunate comments by a high school teacher and a small business man, and her smug commentary, “Who knew writing a comment letter required technical savvy.” (BTW, CPA cheerleader, questions are generally question marks.)
Hey~ Yous guys dont no notin. Yous is a bunch of dopes. I bin coverin da street for years and I really knows dis stuff. I went to Pace you know. The seven most glorious years of my life. I even tooks an econ course – soes Im da guy to call when you gots a accountig question. My sourses tells me dat FASB stands for Fuckin Aholes Suck Bananas. I tink dat pretty much is alls yous needs to knows about dis accounting stuff.
Yous trooly (da greatest reporter of all times)
CG
@36 you’re on the list! do you have a name / phone number / address?
@38 for what? To be billed?
@39 the shit writers list, of course. do YOU want on the list?
@41 Well at least its not the CPA list.
w4m seeks partner at big 4 accounting firm. Must send picture and provide job
“economics teacher ” ????? = out of work stockbroker /waiter
i must find this brian cowell. he has opened my eyes
-guy who just left FASB for Bloomberg
@40 Yeah, CPAs are a scary bunch.
Why is the name of the e-mailer’s firm and name redacted while ordinary citizens’ names (all two of them) are left up for ridicule? At least they took the time to read the FASB proposal and form an opinion which is more than the majority of Americans are willing to do.
This is how CPAs have fun at work–e-mailing comments from two well meaning citizens to FASB around the “Firm” for shit and giggles.
Bess or Breaking Views should remove this post. There is no sense of fair play and is just mean-spirited.
@Everyone- you have 2 hours to sign up for the CFA at the discounted price
I wrote the public comment on the FASB website without editing or proof reading. Since the Federal Reserve has lost total control of the economy, FASB doesn’t really matter any more.
Citizen
“As you know the FASB has exposure drafts out that introduce the notion that banks should write down all their loans to fair value every quarter (remember the recession)”
When you say “introduce the notion”, do you mean this is a new concept?
So even if the FV increases, FASB is requiring a write down of the assets? If this happens every quarter, then pretty soon these assets will have no value.
Was there a recession? When?
@49 I’m a pre-calculus teacher and educator. What your saying is not necessarily true, the asset values could approach 0 as an asymptote. Your being un ethical if not down right crimanal.
@50. Hooked on phonics is having a special today.
@50 The point was that the e-mailer who claims to possess “technical savvy” uses the phrases “required to write down” and “fair value”. How useless would financial statements be if this statement were true? “Required write downs every quarter” to the fantasy metric of “fair value”? FASB cannot require quarterly write downs because that would not accurately reflect the financial health of a bank. FASB requiring banks to mark to market their loans every quarter makes theoretical sense, although the requirement is onerous and expensive. Fair value has no financial meaning, however, fair market value does. How those values are determined and applied is the problem.
This is an e-mailer who has her name and firm redacted and uses imprecise language in an e-mail with the sole intent of ridiculing what appears to be comments from elderly citizens who are not CPAs, or employed in the financial field.
The letters these men sent to FASB are sincere. Yes, the letters contain incorrect information and typos. Look at the font of the first letter. It appears to have been written on a typewriter. This would make word processing difficult. These are not e-mails as a previous commenter stated. The second letter has a signature. The verbiage and composition of both letters point to an older generation. Why would this e-mailer CPA(?) think it is amusing to publicly ridicule these individuals? (And even worse put her “Firm” in the same immature position.) Why does she do it as a spineless coward by keeping her “Firm” name and her name secret? These are not confidential letters from clients to her firm yet she needs to protect her privacy. Why?
If she posted this mean-spirited gibberish as a comment, then no one would have paid attention. However, she wanted to be queen bitch for the day and e-mailed it to Dealbreaker.
IMO, this post is wrong on so many levels.
@52 – These letters also popped up on http://www.goingconcern.com and other viral media yesterday. Don’t be giving Bess slack. It’s funny. Laugh and move on. You can view every FASB comment letter on their website for your reading pleasure. Google “FASB comment letters”
Priceless.
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