Antidote du Jour 8/8/08 Posted on August 7, 2008 by Yves Smith Post navigation ← The Value of Capital vs. The Value of Management Your pension is safe on Wall Street → Subscribe to Post Comments 2 comments doc holiday August 7, 2008 at 11:24 pm Yves sends in a knockout punch and takes full remote control of an out-of-control blog with a single click of a mouse. I'm not amazed, because Yves is ahead of the curve, and you need to always be ready for the pot of gold and the rainbow over head… To wit, I see glaring disapproval (from Yves) and a juxtaposition of incompatible entities, which may be a hint tossed out in reference to FIN 46R and the recent FASB "RECONSIDERATION" of accounting reality and a nod towards accounting fraud, and somehow, I see that Yves is playing with frog and fraud and — this may be a result of a vacation "attitude"; as for the snail, I guess that represents the slithery and slimy delay and slow adaption of all this crap related to QSPE-like entities and The Enron-like fallout, which obviously is too difficult for wall street, the fed, the SEC, Treasury, etc, etc… Maybe the moot point is about investor confidence as it relates to economic growth, i.e, how can you gain the confidence of the public, when you have a frog on your face?? Hop over here and take your time reading this SHI- >> http://www.fasb.org/project/reconsideration_fin46r.shtml Anonymous August 8, 2008 at 5:43 pm AIG excludes the effects of FIN 46(R) and EITF 04-5, and the effect of hedging activities that did not qualify for hedge accounting treatment under FAS 133, although they are economically effective hedges, because AIG believes that excluding these items permits investors to better assess the performance of the underlying businesses. AIG believes that providing information in a non-GAAP manner is more useful to investors and analysts. Likewise, AIG excludes certain entities consolidated pursuant to FIN 46(R) or EITF 04-5, including certain AIG managed partnerships, private equity and real estate funds, where AIG does not in fact have the economic interest that is presumed to be held by consolidation, because AIG believes this presentation is more meaningful than the GAAP presentation. Comments are closed. Tip Jar Please Donate or Subscribe!