The FASB is getting ready (a vote today) to screw with "mark-to-market" reporting. It is, in fact, a very big deal. I am trying hard to extend my limited understanding of this cataclysmic move—a bank CEO in San Antonio got me going on this 10 days ago. He claims it is the singlemost important step we can take in unwinding our financial markets mess—banks, among others, have a ton of very solid assets that at the moment have no market for trading; hence they must go on the books as worthless. Of course there is a counterview that the proposed change allows the banks to pick big valuations out of thin air.
So it goes.