September 29, 2008
Please work to suspend the Mark-to-Market rule under FAS 157. This will provide liquidity in the credit markets that we need to relieve this crisis. Why shouldn't these so-called toxic debts be valued pursuant to a more realistic discounted cash flow analysis? Let the banks assume for valuation that they will be held until maturity (as they may ultimately have to).
Mark-to-Market is an artificial creation that causes a terrible unintended consequence. Please suspend it immediately.
Kurt E. Davis, Esq. THE DAVIS LAW FIRM