Banks are pushing for a change to banking rules that would allow them to ignore mark to market accounting for assets in markets that they deem “inactive.” In other words, if a bank is loaded with worthless assets but decides that the market for those assets is frozen, they can value those assets higher than the market would. Or to simplify it even more, they can create value out of toxic assets. And it looks like now the Financial Accounting Standards Board, which so far has been against this rule change, is caving in.
Ryan’s wife is currently traveling alone with their 3-month-old son on the way to an unexpected funeral near Salt Lake, Utah. Despite the fact that she paid for the rental up front as part of an Orbitz package, the local Hertz jerks are refusing to give her the car unless she goes to an ATM and brings back $200 cash, which they say they will mail back in check form a few weeks after she returns the car. Even Hertz says this isn’t their policy, but they can’t seem to stay on the phone long enough to help Ryan and his wife.