Wednesday, October 8, 2008

AIG and FASB 157

Oh, they are engaging in double speak. Please listen to the committee hearing regarding AIG. It's the SEC's fault and FASB 157 for the failure of AIG according to the former CEO. My oh, my, are these guys robber barons or what?

Here's a link to FASB 157 for all of us non-accountants out there. Read and learn.

Too bad my former husband's not speaking to me otherwise I'd call him and get an SEC accountant's insight into this mess. Hum, maybe he's not speaking because for the first time in his career he's really working hard. Who knows? Hum, mark to market accounting rules. My assets have fixed values: that's because I'm so doggone poor. Well, the values do float I suppose according to the market, but one thing for sure, I'm not holding anything on the books that is overvalued for future markets thereby misrepresenting my net worth.

Oh, it's difficult to value securities when there's no specific market for the securities according to AIG's former CEO. Huh, am I that dense. If there's no market for the securities they have no value. Hello. Basic economics, but of course, I'm only an English professor not an accountant.

Guess what? We own AIG. We, the taxpayers, have bailed them out. I want to go to the resort in California for a vacation that some AIG executives just enjoyed. I'm working two jobs to keep up. Come on, lets take over AIG's corporate headquarters, check into a $400+/night room, spend $23,000 for the hotel spa (I'm in need of a manicure, pedicure, and a massage; I had to give myself my own pedicure last night. Bummer).

I'll just have to take my former husband to dinner so that he can help me figure this out. One thing for sure, the boys and girls at the SEC do not get hefty bonuses for turning a blind eye to financial abuse and misrepresentation. THEY ARE THE REGULATORS. Yes, I'm shouting. Oh, and by the way, their compensation package is LIMITED. AIG is in the hot seat, and the former CEO is squirming.


Anonymous said...

Yeah, I'm with you on the spa idea! Let's go!

E. said...

Can you believe that there were students walking around wearing red and white AIG t-shirts as if they were celebrating Bob Marley.

E. said...

Can you believe that there were U of M students walking around with red and white AIG t-shirts on like they sporting Bob Marley??

And hey...too bad you not here in the "duece" Michele, I know a black woman who will give a pedicure, manicure, shave (men) and do your hair for 40$. She also do facials for $5-10 bucks depending on how much she like you. PLUS she serves hot, homemade biscuits with whatever meal she just hooked up for free!

Anonymous said...

I am a woman who is both an English major and employed in the finance world (formerly at AIGFP, actually). You should stick to teaching the classics and stop putting your two cents in about what you do not know. Have that dinner with your ex and you might gain greater clarity into what mark to market accounting is and how it was one element that contributed greatly to the AIG fiasco. But please, don't do any talking and listen to what he has to say... you seem like the kind of woman who likes to spout off their opinion but rarely takes the time to listen, absorb and digest what others have to say.