[ale] [OT][Way OT] Industrial Power Question - Further OT - Oilcompanies

[Jim Kinney]

In other words: they found a way to make a total crapload of cash and
legally under report it for taxes while letting it play nicely on the
investor books.

Accounting is a crock. Accrual accounting should be banned. cash basis
only. Made a sale but haven't collected on it yet? Dumb sales dweeb.
grouse. grumble. morons fracked up the myth we call economy. drop
Mehdof from a plane...

On Fri, Feb 6, 2009 at 4:10 PM, Greg Freemyer <greg.freemyer at gmail.com> wrote:
> I can only say, my friend specifically said the oil company profits of
> 2008 were heavily impacted by Mark-to-Market forcing them to reflect
> major profits / losses associated with their drilling properties
> caused by the changing price of oil.
>
> He is the type of person that would understand what he was saying.  I don't.
>
> And with that, I bow out of this issue.
>
> On Fri, Feb 6, 2009 at 4:01 PM, Jeff Lightner <jlightner at water.com> wrote:
>> Unfortunately you misread:
>> Mark-to-market is an accounting methodology of assigning a value to a
>> position held in a financial instrument.
>>
>> Property is not a "financial instrument" - it is a hard asset (real
>> estate, equipment etc...).
>>
>> -----Original Message-----
>> From: ale-bounces at ale.org [mailto:ale-bounces at ale.org] On Behalf Of Greg
>> Freemyer
>> Sent: Friday, February 06, 2009 3:51 PM
>> To: ale at ale.org
>> Subject: Re: [ale] [OT][Way OT] Industrial Power Question - Further OT -
>> Oilcompanies
>>
>> On Fri, Feb 6, 2009 at 3:21 PM, Jeff Lightner <jlightner at water.com>
>> wrote:
>>> What crap!
>>>
>>> Book value of capital assets does not increase while they are held.
>>
>> Unfortunately you are wrong.  Ever heard of "Mark to Market".  Blamed
>> by many for our financial meltdown.
>>
>> I can only tell you what wikipedia has to say, but per it, as of Nov.
>> 2007 the rules changed.
>>
>> http://en.wikipedia.org/wiki/Mark_to_market#FAS_157
>>
>> I do know that a lot of talking heads were complaining about "mark to
>> market" back in Sept / Oct because now assets MUST be valued at "fair
>> market value" in a lot of cases and with real estate values dropping
>> it was devastating banks.
>>
>> Isn't it great to know this one little regulation change may have
>> triggered the entire collapse of our financial industry.
>>
>> Greg
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>
> --
> Greg Freemyer
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> http://www.linkedin.com/in/gregfreemyer
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-- 
-- 
James P. Kinney III