Lawyers turn to Facebook to serve legal papers - Yahoo! News
Could this lead to service of process rules through electronic service? I can think of innumerable cases of mine where the use of established email communications for service would help.
Thursday, December 18, 2008
Tuesday, December 16, 2008
Who Is at Fault for the Decline of the Big Three? - Michael Barone (usnews.com)
Who Is at Fault for the Decline of the Big Three? - Michael Barone (usnews.com)
Great analysis of why Big Union came to exist in its current form and why it is fighting a cause that died in the 1970's. This fight has lead to the Big 3's problems.
Great analysis of why Big Union came to exist in its current form and why it is fighting a cause that died in the 1970's. This fight has lead to the Big 3's problems.
Saturday, December 13, 2008
Whitewashing Fannie Mae - WSJ.com
Whitewashing Fannie Mae - WSJ.com
The source of the problem with Fannie Mae is getting buried by the Democrats.
The source of the problem with Fannie Mae is getting buried by the Democrats.
Wednesday, December 10, 2008
The American Spectator : Mark to Market Means Mayhem
The American Spectator : Mark to Market Means Mayhem
Good, quick explanation.
Here is FASB 157. Note that the issue date was September 2006 and the required, effective date was November 1, 2007. My! how fast bad ideas do their damage. We have gone how many centuries with recognizing gains and losses when a transaction took place. In 2 short years of ignoring the tried-and-true, the whole system falls down around our ankles!
Some of this was even foreseen. Not the whole consequence but the first necessary steps of writing off billions of dollars at banks. FASB 157 has been a mess throughout. FASB couldn't even agree how to implement it after it went into effect.
What we do is not easy, but the answer is definitely give up on this revolutionary concept that adds little benefit to the system.
Does it make sense for a performing asset like a mortgage to be artificially devalued on the books because similar assets go down in value? It is performing! Why force a re-evaluation unless an actual transaction that can be recorded as history occurs.
The problem with this whole process is that it started with the presumption that accountants could guess what market value was at any moment for any asset. Now we learn that accountants can only track history well. Everything else is an educated guess.
To me as a businessman, I need to know what is history and what is a guess. Good accounting practice makes history clear and labels all else as pro formas.
This FASB mess has muddled the two concepts.
Good, quick explanation.
Here is FASB 157. Note that the issue date was September 2006 and the required, effective date was November 1, 2007. My! how fast bad ideas do their damage. We have gone how many centuries with recognizing gains and losses when a transaction took place. In 2 short years of ignoring the tried-and-true, the whole system falls down around our ankles!
Some of this was even foreseen. Not the whole consequence but the first necessary steps of writing off billions of dollars at banks. FASB 157 has been a mess throughout. FASB couldn't even agree how to implement it after it went into effect.
What we do is not easy, but the answer is definitely give up on this revolutionary concept that adds little benefit to the system.
Does it make sense for a performing asset like a mortgage to be artificially devalued on the books because similar assets go down in value? It is performing! Why force a re-evaluation unless an actual transaction that can be recorded as history occurs.
The problem with this whole process is that it started with the presumption that accountants could guess what market value was at any moment for any asset. Now we learn that accountants can only track history well. Everything else is an educated guess.
To me as a businessman, I need to know what is history and what is a guess. Good accounting practice makes history clear and labels all else as pro formas.
This FASB mess has muddled the two concepts.
Wednesday, December 03, 2008
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