Academic

We've told you that valuing assets ain't easy these days.  Indeed, "these the times that try one's sells" (love that line).  Bainbridge thinks that the SEC advice on mark to market flexibility doesn't do anything.  Larry Cunningham thinks it could, but it's a novel use of accountancy.  Ribstein thinks it is corrupt, John Carney thinks it requires guessing how the government will price the assets, and well-known short James Chanos says that valuation flexibility will just mean that the banks overprice them more.