Goldman Sachs Calls It, " Alice-in-Wonderland Accounting"

Goldman Sachs is saying that it will leave the Institute of International Finance because of its calls for relaxed financial standards.

When Goldman f$#@ing Sachs says that the accounting is too dicey for them, you know that something is seriously wrong.

Basically, it all comes down to "level 3 assets", those for which there is no ready market. This is the stuff that Atrios calls the big sh%$pile.

In any case, the IIF wants to implement rules that, "would enable financial companies to cushion the blow of financial crises by valuing illiquid assets using historical, rather than market, prices".

Meaning that they want to value this sh^% as it was valued a few years ago, when everyone thought that there had to be a pony somewhere.

Corruption at its finest.