Wendy Milling is a new contributor to Real Clear Markets. I believe this is her first article there. It is good, and accurate. Read it.
Update - Here's a great "I Quit" letter from an AIG employee published in the NY Times. (HT: Club for Growth)
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What do you think of this?
http://econlog.econlib.org/archives/2009/03/mark_to_market.html
I liked it a lot. He clarifies some nuances that I was not communicating. It really is the regulatory mark-to-market accounting that I have a problem with. The use of mark-to-market of non-regulatory accounting rules don't bother me that much.
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