This is completely insane, as well as venal and bordering on corrupt. I mean, if Congress permits “assets” to be valued at cost rather fair market value, then “what’s the point of accounting, the proper measure of things,” says Sue, who is a CPA.
Sounds like this is a slimy ploy to prevent GE from cratering, as GE Capital has a mere 2% of their now toxic garbage marked to market. The remaining 98% is marked to fantasy. But they don’t want to admit it.
Why should anyone invest or have any faith in a stock market where basic accounting principles are tossed out the window to protect the powerful?