March 16, 2009
Modification of mark-to-market rules will make the bank balance sheets very opaque. This will make banks to overstate the value of their assets. It will trigger failures similar to Enron resulting in stocks getting imploded suddenly. Investors will lose the confidence in the banks and thereby these stocks will be controlled by rumors. I urge you to make sure that all the banks value their balance sheets according to mark-to-market rules. Without these rules, banks can fudge the numbers as much as they like.