Tuesday, September 30, 2008
Just to be clear on the Constellation Energy Partners (CEP) news...the company has hired an investment firm to explore options for CEP. The investment firm will be working directly with CEP....NOT CEG! There seems to be confusion between the two and while i know my regular mlps readers know the difference...some out there do not.
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joseph cioffi's Source Page - Associated Content
2 comments:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aH9YLbYv.3NM&refer=home
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Fasb's funding comes from the SEC,
so there are 2 ways to get FASB to come around on fair-value accounting issue.
1) Eliminate FASBs funding
2) Schedule future FASB meetings
on the catwalk over a sewage holding tank.
As for the SEC, it's time that a new agency takes over the SEC's responsibilities as many believe that the SEC is a "captive regulator".
HS
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SEC, FASB Likely to Resist Calls to Suspend Fair-Value Rules
By Jesse Westbrook
Sept. 30 (Bloomberg) -- The U.S. Securities and Exchange Commission probably will resist calls to suspend the fair-value accounting rules that some members of Congress blame for exacerbating the global financial crisis, people familiar with the matter said.
The SEC and Financial Accounting Standards Board instead said banks should apply rules that require them to review their assets each quarter and report losses if values have declined, according to a proposal released today. A suspension isn't being considered, said the people, who declined to be identified because the plan hasn't been completed.
Congressmen, banking lobbyists and companies including American International Group Inc. have urged the SEC to place a moratorium on fair-value accounting, saying it forces firms to report losses that they never expect to incur. Federal Reserve Chairman Ben S. Bernanke and other proponents say a suspension would erode confidence that firms are owning up to losses.
``In the past couple of weeks, fair-value accounting has been under attack,'' JPMorgan Chase & Co. analyst Dane Mott wrote in a report today. ``Blaming fair-value accounting for the credit crisis is a lot like going to a doctor for a diagnosis and then blaming him for telling you that you are sick.''
SEC spokesman John Nester declined to comment. FASB spokesman Neal McGarity didn't return a phone call seeking comment.
House Rejection
Todd Tiahrt, a Kansas Republican, said the House of Representatives probably would have approved legislation authorizing a $700 billion bailout of financial companies yesterday had the measure included a suspension of fair-value. The House rejected the measure 228-205.
It would ``easily'' have passed if the rules had been suspended, Tiahrt, who opposed the legislation, said in a Bloomberg Television interview today.
Bernanke, by contrast, said in Sept. 23 testimony before the Senate Banking Committee that if regulators repeal the rules, ``nobody knows what the true mark-to-market price is.''
The SEC, in its guidance, may say companies can rely more on their own judgments, such as expected cash flows, in determining the current value of assets that aren't trading, according to today's proposal. The agency may also say that price quotes provided by brokers when markets are frozen may not be the most reliable means of determining how much securities are worth, the people said.
Joe,
There is no point in trying to explain the CEP/CEG thing. This market is out of control right now. CEP has been a f*cking disaster since the day I bought it. Its run by clowns, who have no idea how to manage a public enterprise.
FedUp
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