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Message
re: "Mark To Make Believe"
Posted on 3/5/09 at 7:45 am to LSURussian
Posted on 3/5/09 at 7:45 am to LSURussian
No, they were allowed to have level 3 assets and mark them to a model. They SHOULD have been marking them to market every day and posting collateral as necessary. They would have been hurt much worse early on, but they'd have been forced to sell their shite paper before things really got bad.
Posted on 3/5/09 at 7:55 am to Colonel Hapablap
quote:
they were allowed to have level 3 assets and mark them to a model. They SHOULD have been marking them to market every day and posting collateral as necessary.
LINK
quote:
What Does Level 3 Assets Mean? Assets whose fair value cannot be determined by using observable measures, such as market prices or models. Level 3 assets are typically very illiquid, and fair values can only be calculated using estimates or risk-adjusted value ranges.
Maybe I'm just tired from jet-lag, but I think you're talking in circles, Colonel. It's like you're saying, "They should be marking them to market because they can't mark them to market because they are Level 3 assets which means they are assets whose fair value cannot be determined by using observable measures, such as market prices or models."
ETA:
quote:
they'd have been forced to sell their shite paper before things really got bad.
Again, circular logic: if they all were forced to sell at the same time, then that in itself would result in things getting really bad.
This post was edited on 3/5/09 at 7:59 am
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