Comments on: On releasing Citi from TARP and banking by accounting subterfuge http://www.creditwritedowns.com/2009/12/on-releasing-citi-from-tarp-and-banking-by-accounting-subterfuge.html Finance, Economics and Markets Fri, 10 Feb 2012 00:37:00 +0000 hourly 1 By: The Wikinvest Daily Angle » On releasing Citi from TARP and banking by accounting subterfuge http://www.creditwritedowns.com/2009/12/on-releasing-citi-from-tarp-and-banking-by-accounting-subterfuge.html#comment-7574 The Wikinvest Daily Angle » On releasing Citi from TARP and banking by accounting subterfuge Fri, 18 Dec 2009 07:07:07 +0000 http://www.creditwritedowns.com/2009/12/on-releasing-citi-from-tarp-and-banking-by-accounting-subterfuge.html#comment-7574 [...] Angle comes from Wikinvest Wire member Edward Harrison of CreditWritedowns.com. You can read the full article on Edward’s blog. Flash Player 9 or higher is required to view the chart Click here to download Flash Player [...] [...] Angle comes from Wikinvest Wire member Edward Harrison of CreditWritedowns.com. You can read the full article on Edward’s blog. Flash Player 9 or higher is required to view the chart Click here to download Flash Player [...]

]]> By: Blodget and Task say Obama suffers because “taxpayer always finishes last” « naked capitalism http://www.creditwritedowns.com/2009/12/on-releasing-citi-from-tarp-and-banking-by-accounting-subterfuge.html#comment-7569 Blodget and Task say Obama suffers because “taxpayer always finishes last” « naked capitalism Thu, 17 Dec 2009 23:50:24 +0000 http://www.creditwritedowns.com/2009/12/on-releasing-citi-from-tarp-and-banking-by-accounting-subterfuge.html#comment-7569 [...] On releasing Citi from TARP and banking by accounting subterfuge [...] [...] On releasing Citi from TARP and banking by accounting subterfuge [...]

]]> By: LavrentiBeria http://www.creditwritedowns.com/2009/12/on-releasing-citi-from-tarp-and-banking-by-accounting-subterfuge.html#comment-57798 LavrentiBeria Thu, 17 Dec 2009 20:22:00 +0000 http://www.creditwritedowns.com/2009/12/on-releasing-citi-from-tarp-and-banking-by-accounting-subterfuge.html#comment-57798 Can you just imagine your - or just about anyone's - company being treated in this way by the IRS or other financial authority? If you are to run a tad short of capital on April 15th and can't quite pay your tax bill, how long would you expect the Treasury Department to tolerate that, until they consider your return? Any longer than that? How many tax breaks are you likely to get? And the business of using gamey accounting methods as a purposeful part of the crisis strategy, would they do that for you if you were in trouble financially and it might help? You are right, Ed, to find yourself more comfortable with the double dip notion you've approached so cautiously over the last several months. And when it dips, all the legerdemaine in the world won't stop it. At some point, what's true objectively simply itself. And then, perhaps, there will be a different kind of accounting, a peoples' accounting, an accounting where the numbers have to do with the length of one's term in a penal colony. Can you just imagine your – or just about anyone’s – company being treated in this way by the IRS or other financial authority? If you are to run a tad short of capital on April 15th and can’t quite pay your tax bill, how long would you expect the Treasury Department to tolerate that, until they consider your return? Any longer than that? How many tax breaks are you likely to get?
And the business of using gamey accounting methods as a purposeful part of the crisis strategy, would they do that for you if you were in trouble financially and it might help?

You are right, Ed, to find yourself more comfortable with the double dip notion you’ve approached so cautiously over the last several months. And when it dips, all the legerdemaine in the world won’t stop it. At some point, what’s true objectively simply itself. And then, perhaps, there will be a different kind of accounting, a peoples’ accounting, an accounting where the numbers have to do with the length of one’s term in a penal colony.

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