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Mark-to-Market Accounting To be changed back to fantasy accounting or mark to make believe – Thursday, April 2, 2009 – while G20 meets the Financial Accounting Standards Board are stabbing them in the back by irresponsible current actions
[These two links above include links and information about the Financial Accounting Standards Board, (FASB) and the changes they are voting today to make on the mark-to-market rule, including news stories and FASB committee participants. See below for how it is being made to happen now.)
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Banks Demand Perfume for Rotting Balance Sheets: David Reilly
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aR516Rnf_Kvc
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Mark-to-Market Lobby Buoys Bank Profits 20% as FASB May Say Yes
By Ian Katz and Jesse Westbrook
March 30 (Bloomberg) — Four days after U.S. lawmakers berated Financial Accounting Standards Board Chairman Robert Herz and threatened to take rulemaking out of his hands, FASB proposed an overhaul of fair-value accounting that may improve profits at banks such as Citigroup Inc. by more than 20 percent.
The changes proposed on March 16 to fair-value, also known as mark-to-market accounting, would allow companies to use “significant judgment” in valuing assets and reduce the amount of writedowns they must take on so-called impaired investments, including mortgage-backed securities. A final vote on the resolutions, which would apply to first-quarter financial statements, is scheduled for April 2.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=awSxPMGzDW38
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FASB Chairman Robert H. Herz Testifies on Mark-to-Market Accounting
Thu Mar 12, 2009 11:19am EDT
NORWALK, Conn.–(Business Wire)–
Robert H. Herz, Chairman of the Financial Accounting Standards Board (FASB), testified about mark to market accounting today before the U.S. House of Representatives Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.
Herz appeared at a hearing convened by Congressman and Committee Chairman Paul E. Kanjorski (D-PA) on “Mark-to-Market Accounting: Practices and Implications.”
“Many investors have made it clear that, in their view, fair value accounting
allows companies to report amounts that are more relevant, timely, and
comparable than amounts that would be reported under alternative accounting approaches, even during extreme market conditions,” said Chairman Herz.
Herz underscored the importance of neutral, independent standard setting to capital market investors, and noted that after gathering extensive input about fair value from a diversity of capital market participants, the prevailing view urged the FASB not to suspend or weaken mark to market accounting rules. “While bending the rules to favor a particular outcome may seem attractive to some in the short run, in the long run, a biased accounting standard is harmful to investors, creditors and the U.S. economy,” said Herz.
Addressing misconceptions that mark to market is a broadly applied rule, Herz explained that so called “mark to market” accounting generally only applies to trading accounts and derivatives that don`t qualify as hedges. Additionally, Herz clarified that the use of fair value for measurement depends on both the nature of a financial asset and its intended use by an institution. Herz added that current financial reporting in the U.S. and elsewhere across the world included the use of both fair value and historical cost.
In response to the current challenging market conditions and feedback from a wide array of investors and constituents-including the SEC– the FASB recently announced projects intended to improve the application guidance used to determine fair values as well as improving disclosures in financial reports. (http://www.fasb.org/news/nr021809.shtml ). Earlier in the crisis, the FASB and SEC jointly issued new guidance on the application of fair value in illiquid markets. (http://www.fasb.org/news/2008-FairValue.pdf )
“The fact that fair value measures have been difficult to determine for some
illiquid instruments is not a cause of current problems but rather a symptom of the many problems that have contributed to the global crisis– including lax and fraudulent lending, excess leverage, the creation of complex and risky investments through securitization and derivatives, the global distribution of such investments across rapidly growing unregulated and opaque markets lacking a proper infrastructure for clearing mechanisms and price discovery, faulty ratings, and the absence of appropriate risk management and valuation processes at many financial institutions,” Herz said.
Given the challenging economic environment, Herz underscored the FASB`s
commitment to continue working actively with regulators and constituents to provide guidance on reporting issues emanating from the financial crisis and continue its project with the International Accounting Standards Board (IASB) to improve, simplify and converge the accounting standards for financial instruments .
The full text of Chairman Herz`s testimony is located at www.fasb.org.
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants.
Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.
Financial Accounting Standards Board
Neal McGarity, 203-956-5347
Copyright Business Wire 2009
© Thomson Reuters 2009 All rights reserved
http://www.reuters.com/article/pressRelease/idUS170540+12-Mar-2009+BW20090312
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Facts about FASB
Board Members
Robert H. Herz
Chairman
Robert H. Herz was appointed chairman of the Financial Accounting Standards Board (FASB), effective July 1, 2002, and was reappointed to a second term effective July 1, 2007. Previously, he was a senior partner with PricewaterhouseCoopers.
Prior to joining the FASB, Mr. Herz was PricewaterhouseCoopers North America Theater Leader of Professional, Technical, Risk & Quality and a member of the firm’s Global and U.S. Boards. He also served as a part-time member of the International Accounting Standards Board. Mr. Herz is both a certified public accountant and a chartered accountant.
Mr. Herz joined Price Waterhouse in 1974 upon graduating from the University of Manchester in England with a B.A. degree in economics. He later joined Coopers & Lybrand becoming its senior technical partner in 1996 and assumed a similar position with the merged firm of PricewaterhouseCoopers in 1998.
During his distinguished career, Mr. Herz has authored numerous publications on a variety of accounting, auditing, and business subjects. Included among those contributions is the recent book, The Value Reporting Revolution: Moving Beyond the Earnings Game, which he co-authored.
Among Mr. Herz’s other activities, he chaired the AICPA SEC Regulations Committee and the Transnational Auditors Committee of the International Federation of Accountants, and served as a member of the Emerging Issues Task Force, the FASB Financial Instruments Task Force, the American Accounting Association’s Financial Accounting Standards Committee, and the SEC Practice Section Executive Committee of the AICPA.
http://www.fasb.org/facts/factsrhh.shtml
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Robert H. Herz, Chairman of the Financial Accounting Standards Board (FASB), testified about mark to market accounting today before the U.S. House of Representatives Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.
Herz appeared at a hearing convened by Congressman and Committee Chairman Paul E. Kanjorski (D-PA) on “Mark-to-Market Accounting: Practices and Implications.”
http://www.reuters.com/article/pressRelease/idUS170540+12-Mar-2009+BW20090312
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PACs
Congressman Paul E. Kanjorski 2007 – 2008
Total PAC Money for 2008: $1,521,095
Number of Contributions: 829
Finance, Insurance & Real Estate$937,495
http://www.opensecrets.org/politicians/pacs.php?cycle=2008&cid=N00001509
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Paul E. Kanjorski has been a Democratic member of the U.S. House of Representatives, representing Pennsylvania’s 11th Congressional district, since 1985. The district includes Scranton, Wilkes-Barre, and most of the Poconos.
Contents
- 1 Record and controversies
o 1.1 Iraq War
o 1.2 Environmental record
o 1.3 Heart bypass surgery
- 2 Bio
o 2.1 Congressional career
+ 2.1.1 2006 elections
- 3 Money in politics
- 4 Committees and Affiliations
o 4.1 Committees
+ 4.1.1 Committee assignments in the 109th Congress (2005-2006)
- 5 More Background Data
- 6 Contact
o 6.1 Campaign Contact Information
- 7 Articles and Resources
o 7.1 Local blogs and discussion sites
Record and controversies
General information about important bills and votes for can be found in Congresspedia’s articles on legislation. You can add information you find on how Paul Kanjorski voted by clicking the “[edit]” link to the right and typing it in. Remember to cite your sources!
Iraq War
Kanjorski voted for the Authorization for Use of Military Force Against Iraq Resolution of 2002 that started the Iraq War.[1]
For more information see the chart of U.S. House of Representatives votes on the Iraq War.
Environmental record
For more information on environmental legislation, see the Energy and Environment Policy Portal
Heart bypass surgery
On March 19, 2007, Kanjorski underwent heart bypass surgery at Brigham and Women’s Hospital in Boston. His office announced that the surgery was to operate on three blood vessels surrounding his heart, and not caused by a heart attack.
Bio
Kanjorski was born April 7, 1937 in Nanticoke, Pennsylvania. He was educated at Temple University and the Dickinson School of Law. He also served in the United States Army. Before his election to Congress, Kanjorski was a trial attorney in Northeastern Pennsylvania. During that time, he served as a worker’s compensation administrative law judge and served as solicitor to several communities.
Congressional career
Kanjorski ran four times for Congress in the early 1980s. On the fourth try, in 1984, he was finally elected to the U.S. House of Representatives.
Kanjorkski has had a mixed voting record – liberal on economics and moderate on social issues. Kanjorski usually plays behind-the-scenes roles in the advocacy or defeat of legislation and steers appropriations money toward improving the infrastructure and economic needs of Northeastern Pennsylvania.
2006 elections
In 2006, Republicans nominated Joseph F. Leonardi to face Kanjorski in his November 2006 bid for reelection. (See U.S. congressional elections in 2006) [1] Kanjorski retained his seat.
Money in politics
This section contains links to – and feeds from – money in politics databases. For specific controversies, see this article’s record and controversies section.
Top Contributors to Paul E. Kanjorski (D) during the 2006 Election Cycle
Rank Donor Amount (US Dollars)
1 SLM Corp $ 18,950
2 New Century Financial Corp $ 17,000
3 National Assn of Realtors $ 11,000
4 Natl Assn/Insurance & Financial Advisors $ 10,000
4 Massachusetts Mutual Life Insurance $ 10,000
4 United Food & Commercial Workers Union $ 10,000
4 National Assn of Home Builders $ 10,000
4 American Assn for Justice $ 10,000
4 American Institute of CPAs $ 10,000
4 Liberty Mutual Insurance $ 10,000
4 Machinists/Aerospace Workers Union $ 10,000
4 Credit Union National Assn $ 10,000
4 UBS AG $ 10,000
4 Mortgage Bankers Assn $ 10,000
4 National Air Traffic Controllers Assn $ 10,000
4 National Assn of Federal Credit Unions $ 10,000
4 New York Stock Exchange $ 10,000
Source: The Center for Responsive Politics’ www.OpenSecrets.org site.
Note: Contributions are not from the organizations themselves, but are rather from the organization’s PAC, employees or owners. Totals include subsidiaries and affiliates.
Links to more campaign contribution information for Paul Kanjorski
from the Center for Responsive Politics’ OpenSecrets.org site.
Fundraising profile: 2006 election cycle Career totals
Top contributors by organization/corporation: 2006 election cycle
Career totals
Top contributors by industry: 2006 election cycle Career totals
- Revolving door profile for Paul Kanjorski from the Center for Responsive Politics’ OpenSecrets.org website.
- 2006 privately funded travel profile for Paul Kanjorski from the Center for Responsive Politics’ OpenSecrets.org website.
- Personal finance profile for Paul Kanjorski from the Center for Responsive Politics’ OpenSecrets.org website.
Committees and Affiliations
Committees
- House Committee on Financial Services
o Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises -Chair
o Subcommittee on Domestic and International Monetary Policy, Trade, and Technology
o Subcommittee on Financial Institutions and Consumer Credit
- House Committee on Oversight and Government Reform
o Subcommittee on Government Management, Organization, and Procurement
o Subcommittee on Information Policy, Census, and National Archives
- House Committee on Science and Technology
o Subcommittee on Environment and Energy
Committee assignments in the 109th Congress (2005-2006)
- House Committee on Financial Services
o Subcommittee on Financial Institutions and Consumer Credit
o Subcommittee on Capital Markets Insurance and Government Sponsored Enterprises – Ranking Minority Member
o Subcommittee on Domestic and International Monetary Policy Trade and Technology
- House Committee on Government Reform
o Subcommittee on Federalism and the Census
o Subcommittee on Government Management Finance and Accountability
More Background Data
- Background information on Paul Kanjorski from Project Vote Smart
- Interest group scorecard ratings for Paul Kanjorski from Project Vote Smart
- Voting record for Paul Kanjorski from the Washington Post database
- Information on Paul Kanjorski from Congress Merge
Wikipedia also has an article on Paul Kanjorski. This article may use content from the Wikipedia article under the terms of the GFDL.
Contact
DC Office:
2188 Rayburn House Office Building
Washington, DC 20515-3811
Phone: 202-225-6511
TollFree: 1-800-222-2346
Fax: 202-225-0764
Web Email
Website
District Office- Mount Pocono:
102 Pocono Boulevard
Mount Pocono, PA 18344-1412
Phone: 570-895-4176
Fax:
District Office- Scranton:
546 Spruce Street
Scranton, PA 18503
Phone: 570-496-1011
Fax: 570-496-6439
District Office- Wilkes-Barre:
The Stegmaier Building
7 North Wilkes-Barre Boulevard, Suite 400 M
Wilkes-Barre, PA 18702-5283
Phone: 570-825-2200
TollFree: 1-800-222-2346
Fax: 570-825-8685
Campaign Contact Information
Official Kanjorski for Congress Web site
Pennsylvanians For Kanjorski
126 South Franklin Street
Wilkes-Barre, PA 18701
Telephone: (570) 825-6070
vote@kanjorski.org
Articles and Resources
- Official website
- Campaign website
- Open Secrets – 2006 congressional races database
- “Kanjorski has surgery” Roll Call
Local blogs and discussion sites
- Gort 42
- The All-Spin Zone
Corresponding article on Wikipedia and Cause Caller. (If Cause Caller link does not work, pick from its list of senators and representatives.)
Current Office: U.S. House of Representatives
111th Congress
Leadership Position:
Committees Chaired:
Committees,
Ranking Member On:
Caucuses:
Committees:
110th Congress
Leadership Position:
None Committees Chaired:
Committees,
Ranking Member On:
Caucuses:
Committees: House Committee on Financial Services, House Committee on Financial Services/Subcommittee on Financial Institutions and Consumer Credit, House Committee on Financial Services/Subcommittee on Capital Markets Insurance and Government Sponsored Enterprises, House Committee on Financial Services/Subcommittee on Domestic and International Monetary Policy Trade and Technology, House Committee on Oversight and Government Reform, House Committee on Oversight and Government Reform/Subcommittee on Information Policy Census and National Archives, House Committee on Oversight and Government Reform/Subcommittee on Government Management Organization and Procurement, House Committee on Science and Technology, House Committee on Science and Technology/Subcommittee on Energy and Environment
Congressional Career
First Elected to Current Office:
November 6, 1984 First Took Current Office:
January 3, 1985 Next Election:
November 2, 2010 Term Ends:
Freshman Member?
No Previous Political Work?
None or not available Other Party Membership:
District Offices:
1. 102 Pocono Boulevard, Mount Pocono, PA 18344-1412
Phone: 570-895-4176 / Fax:
2. 546 Spruce Street, Scranton, PA 18503
Phone: 570-496-1011 / Fax: 570-496-6439
3. The Stegmaier Building, 7 North Wilkes-Barre Boulevard, Suite 400 M, Wilkes-Barre, PA 18702-5283
Phone: 570-825-2200 / Fax: 570-825-8685
Campaign Contact:
Website: Official Kanjorski for Congress Web site
Webform Email: vote@kanjorski.org / Email: vote@kanjorski.org
Campaign Offices:
1. Pennsylvanians For Kanjorski, 126 South Franklin Street, Wilkes-Barre, PA 18701
Phone: 570-825-6070 / Fax:
Zip Code Affiliations:
Misc:
Date of Birth: April 2, 1937
Retrieved from “http://www.sourcewatch.org/index.php?title=Paul_Kanjorski”
Categories: Pennsylvania and the U.S. Congress | Members of the U.S. Congress from Pennsylvania | Members of the U.S. House of Representatives – temp | Congresspedia | Members of U.S. House of Representatives | Democratic Party (USA) | Congresspedia pages missing a “District Office 1 Fax” field
http://www.sourcewatch.org/index.php?title=Paul_Kanjorski
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PACs
Congressman Paul E. Kanjorski 2007 – 2008
Campaign Finance Cycle:
Total PAC Money for 2008: $1,521,095
Number of Contributions: 829
Sectors
Agribusiness $2,000
Communications/Electronics $18,600
Construction $29,000
Defense $32,500
Energy & Natural Resources $19,000
Finance, Insurance & Real Estate $937,495
Health $13,500
Lawyers & Lobbyists $61,750
Transportation $4,000
Misc Business $36,000
Labor $251,000
Ideological/Single-Issue $113,250
Other $2,000
Unknown $1,000
Based on Federal Election Commission data available electronically on Monday, March 02, 2009.
2007 – 2008 Cycle PAC Contribution Breakdown
Business $1,153,845.0 (76%)
Labor $251,000 (17%)
Ideological/Single Issue $113,250 (7%)
Based on Federal Election Commission data available electronically on Monday, March 02, 2009.
NOTE: All the numbers on this page are for the 2007-2008 election cycle. (“Help! The numbers don’t add up…”)
Feel free to distribute or cite this material, but please credit the Center for Responsive Politics. For permission to reprint for commercial uses, such as textbooks, contact the Center.
http://www.opensecrets.org/politicians/pacs.php?cycle=2008&cid=N00001509
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Paul E. Kanjorski – Voting Record (ratings)
Business and Consumers
2007-2008 Based on a point system, with points assigned for actions in support of or in opposition to American Forest and Paper Association’s position, Representative Kanjorski received a rating of 50 percent.
2007-2008 Representative Kanjorski supported the interests of the Associated General Contractors of America 75 percent in 2007-2008.
2007-2008 In 2007-2008 National Federation of Independent Business gave Representative Kanjorski a rating of 60 in its 110th (2007-2008) Pre-Election Congressional Report.
2007-2008 Based on a point system, with points assigned for actions in support of or in opposition to National Restaurant Association’s position, Representative Kanjorski received a rating of 60.
2007-2008 Based on a point system, with points assigned for actions in support of or in opposition to National Retail Federation’s position, Representative Kanjorski received a rating of 40 percent.
2007 Representative Kanjorski supported the interests of the Business-Industry Political Action Committee 7 percent in 2007.
2007 Representative Kanjorski supported the interests of the U.S. Chamber of Commerce 45 percent in 2007.
2006 Representative Kanjorski supported the interests of the Business-Industry Political Action Committee 35 percent in 2006.
2006 Representative Kanjorski supported the interests of the National Stone, Sand & Gravel Association 41 percent in 2006.
2006 Representative Kanjorski supported the interests of the U.S. Chamber of Commerce 43 percent in 2006.
2005-2006 Representative Kanjorski supported the interests of the American Forest and Paper Association 36 percent in 2005-2006.
2005-2006 Representative Kanjorski supported the interests of the Associated General Contractors of America 40 percent in 2005-2006.
(And more)
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http://www.opensecrets.org/politicians/summary.php?cid=N00001509
REPRESENTATIVE (D – PA)
Paul E. Kanjorski
Choose your cycle: 2008
First Elected: 1984
Next Election: 2008
Committee Assignments:
- Financial Services
- Oversight and Government Reform
- Science
Leadership PAC: Citizens for Action
Cycle Fundraising, 2007 – 2008
Raised: $2,517,285
Spent: $3,153,006
Cash on Hand: $340,023
Debts: $0
Last Report: Wednesday, December 31, 2008
Top 5 Contributors, 2007-2008
AXA $33,000
SLM Corp $26,150
PMA Group $20,250
FMR Corp $16,500
Federated Investors Inc $16,000
Top 5 Industries, 2007-2008
Insurance $345,548
Securities & Investment $312,049
Lawyers/Law Firms $201,697
Real Estate $178,550
Finance/Credit Companies $92,516
Total Raised vs. Average Raised, 2007-2008
2007-2008 Fundraising
Cycle Source of Funds, 2007-2008
Individual Contributions $881,518 (35%)
PAC Contributions $1,531,728 (61%)
Candidate self-financing $0 (0%)
Other $104,039 (4%)
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NOTE: All the numbers on this page are for the 2007-2008 election cycle and based on Federal Election Commission data available electronically on April 01, 2009. (“Help! The numbers don’t add up…”)
Feel free to distribute or cite this material, but please credit the Center for Responsive Politics. For permission to reprint for commercial uses, such as textbooks, contact the Center.
http://www.opensecrets.org/politicians/summary.php?cid=N00001509
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House Committee on Financial Services/Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
From OpenCongress Wiki
< House Committee on Financial Services
This is a subcommittee of the House Committee on Financial Services.
Membership
Member ? Party ? State ?
Paul Kanjorski D PA
Gary Ackerman D NY
Brad Sherman D CA
Michael Capuano D MA
Ruben Hinojosa D TX
Carolyn McCarthy D NY
Joe Baca D CA
Stephen Lynch D MA
Brad Miller D NC
David Scott D GA
Nydia Velazquez D NY
Carolyn Maloney D NY
Melissa Bean D IL
Gwen Moore D WI
Paul Hodes D NH
Ron Klein D FL
Ed Perlmutter D CO
Joe Donnelly D IN
Andre Carson D IN
Jackie Speier D CA
Travis Childers D MS
Charles Wilson D OH
Bill Foster D IL
Walt Minnick D ID
John Adler D NJ
Mary Jo Kilroy D OH
Suzanne Kosmas D FL
Alan Grayson D FL
Jim Himes D CT
Gary Peters D MI
Scott Garrett R NJ
Tom Price R GA
Mike Castle R DE
Peter King R NY
Frank Lucas R OK
Donald Manzullo R IL
Ed Royce R CA
Judy Biggert R IL
Shelley Moore Capito R WV
Jeb Hensarling R TX
Adam Putnam R FL
Gresham Barrett R SC
Jim Gerlach R PA
John Campbell R CA
Michele M. Bachmann R MN
Thaddeus McCotter R MI
Randy Neugebauer R TX
Kevin McCarthy R CA
Bill Posey R FL
Lynn Jenkins R KS
Previous memberships
110th Congress
Members of the
Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises,
110th Congress
Democrats: Republicans:
- Paul Kanjorski (Pa.), Chairman
- Gary Ackerman (N.Y.)
- Brad Sherman (Calif.)
- Greg Meeks (N.Y.)
- Dennis Moore (Kan.)
- Michael Capuano (Mass.)
- Ruben Hinojosa (Texas)
- Carolyn McCarthy (N.Y.)
- Joe Baca (Calif.)
- Stephen Lynch (Mass.)
- Brad Miller (N.C.)
- David Scott (Ga.)
- Nydia Velazquez (N.Y.)
- Melissa Bean (Ill.)
- Gwen Moore (Wis.)
- Lincoln Davis (Tenn.)
- Albio Sires (N.J.)
- Paul Hodes (N.H.)
- Ron Klein (Fla.)
- Tim Mahoney (Fla.)
- Ed Perlmutter (Colo.)
- Chris Murphy (Conn.)
- Joe Donnelly (Ind.)
- Robert Wexler (Fla.)
- Jim Marshall (Ga.)
- Dan Boren (Okla.)
- Deborah Pryce (Ohio), Ranking Member
- Rick Renzi (Ariz.)
- Richard Baker (La.)
- Chris Shays (Conn.)
- Paul Gillmor (Ohio)
- Mike Castle (Del.)
- Peter King (N.Y.)
- Frank Lucas (Okla.)
- Donald Manzullo (Ill.)
- Ed Royce (Calif.)
- Shelley Moore Capito (W.Va.)
- Adam Putnam (Fla.)
- Gresham Barrett (S.C.)
- Marsha Blackburn (Tenn.)
- Ginny Brown Waite (Fla.)
- Tom Feeney (Fla.)
- Scott Garrett (N.J.)
- Jim Gerlach (Pa.)
- Jeb Hensarling (Texas)
- Geoff Davis (Ky.)
- John Campbell (Calif.)
- Michele M. Bachmann (Minn.)
- Peter Roskam (Ill.)
- **
- **
PACs
Congressman Paul E. Kanjorski 2007 – 2008
Campaign Finance Cycle: 2008
Total PAC Money for 2008: $1,521,095
Number of Contributions: 829
Sectors
Agribusiness $2,000
Communications/Electronics $18,600
Construction $29,000
Defense $32,500
Energy & Natural Resources $19,000
Finance, Insurance & Real Estate $937,495
Health $13,500
Lawyers & Lobbyists $61,750
Transportation $4,000
Misc Business $36,000
Labor $251,000
Ideological/Single-Issue $113,250
Other $2,000
Unknown $1,000
Based on Federal Election Commission data available electronically on Monday, March 02, 2009.
2007 – 2008 Cycle PAC Contribution Breakdown
Business $1,153,845.0 (76%)
Labor $251,000 (17%)
Ideological/Single Issue $113,250 (7%)
Based on Federal Election Commission data available electronically on Monday, March 02, 2009.
NOTE: All the numbers on this page are for the 2007-2008 election cycle. (“Help! The numbers don’t add up…”)
Feel free to distribute or cite this material, but please credit the Center for Responsive Politics. For permission to reprint for commercial uses, such as textbooks, contact the Center.
http://www.opensecrets.org/politicians/pacs.php?cycle=2008&cid=N00001509
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FASB Will Vote Tomorrow on Relaxing Mark-to-Market Accounting
The Financial Accounting Standards Board is set to debate proposals to change mark-to-market accounting.
FASB Will Vote Tomorrow on Relaxing Mark-to-Market Accounting
The Financial Accounting Standards Board is set to debate proposals to change mark-to-market accounting.
To read more about the proposed changes, click here.
[or see FASB info below.]
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=atGP3JkZcwVE
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The political action committees of banks including Citigroup, Bank of America, Bank of New York Mellon, Wells Fargo and banking trade groups contributed money to Kanjorski’s re- election campaign last year, according to the Federal Election Commission. Citigroup gave $6,500, Bank of America $7,000, Bank of New York $8,000 and Wells Fargo $13,000.
Kanjorski spokeswoman Abigail McDonough didn’t return calls seeking comment.
Atlanta Lender
Three days before the hearing, 31 financial-industry groups sent a letter to committee chairman Barney Frank and Alabama Representative Spencer Bachus, the panel’s ranking Republican, emphasizing “the need to correct the unintended consequences of mark-to-market accounting.” The organizations included the ABA, the National Association of Realtors and the 12 Federal Home Loan banks, the government-chartered cooperatives owned by U.S. financial companies.
The Federal Home Loan Bank of Atlanta, which Kanjorski cited at his hearing as an institution hurt by fair-value accounting, would also stand to gain from FASB’s proposals.
The company, one of 12 regional institutions that provide low-cost financing to 8,000 member banks, absorbed an $87.3 million writedown on three mortgage-backed securities after determining it would not collect all the cash the assets were supposed to generate, according to a November SEC filing.
Under the FASB proposal, the reduction in the bank’s earnings would be much closer to the $44,000 that the company expects to lose, according to Brian Harris, a senior vice president at Moody’s Investors Service in New York.
‘Raging Inferno’
“It potentially moves the accounting closer to where we saw the economics of these transactions,” Harris said in a March 24 interview. “We don’t see a risk to their debt securities.”
Also endorsing the letter was the Pennsylvania Association of Community Bankers. Thomas Bailey, the group’s chairman and CEO of Brentwood Bank in Bethel Park, Pennsylvania, told the subcommittee that using fair-value accounting “in these times, is much like throwing gasoline on a raging inferno.”
Among the banks most negatively affected by unrealized losses are Wells Fargo, PNC Financial Services Group Inc. in Pittsburgh, Minneapolis-based U.S. Bancorp and M&T Bank Corp. in Buffalo, Robert W. Baird & Co. analyst David George wrote in a March 20 note to clients.
FASB’s proposals, he wrote, would “potentially provide cover for some banks that might otherwise need to raise government capital.”
To contact the reporter on this story: Ian Katz in Washington at ikatz2@bloomberg.net; Jesse Westbrook in Washington at jwestbrook1@bloomberg.net.
Last Updated: March 29, 2009 20:01 EDT
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=awSxPMGzDW38
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Action Alert
Current Summary
Previous Summaries
Notice of Open Meetings
Board Meeting Handouts
Meetings Available by Audio Webcast and Telephone
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EXPOSURE DOCUMENTS
The full text of the exposure documents listed below can be downloaded by their corresponding links.
Copyright Notice for FASB Pronouncements Listed Below
Copyright © by Financial Accounting Standards Board. All rights reserved. Permission is granted to make copies of this work provided that such copies are for personal or intraorganizational use only and are not sold or disseminated and provided further that each copy bears the following credit line: Copyright © by Financial Accounting Standards Board. All rights reserved. Used by permission.
Joint FASB/IASB Projects (Updated: March 19, 2009)
FASB Projects (Updated: March 27, 2009)
DOCUMENT COMMENT DEADLINE STATUS
JOINT FASB/IASB PROJECTS
Conceptual Framework Project
Exposure Draft, Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics and Constraints of Decision-Useful Financial Reporting Information (issued 5/29/08) [Download] 9/29/08 Redeliberations
Preliminary Views, Conceptual Framework for Financial Reporting: The Reporting Entity (issued 5/29/08) [Download] 9/29/08 Redeliberations
Standards Projects
New—Discussion Paper, Leases: Preliminary Views (issued 03/19/09) [Download] 7/17/09 Out for Comment
Discussion Paper, Preliminary Views on Revenue Recognition in Contracts with Customers (issued 12/19/08) [Download] 6/19/09 Out for Comment
Discussion Paper, Preliminary Views on Financial Statement Presentation (issued 10/16/08) [Download] 4/14/09 Out for Comment
Proposed Statement (Revised), Earnings per Share—an amendment of FASB Statement No. 128 (issued 8/07/08) [Download] 12/05/08 Redeliberations
Preliminary Views, Financial Instruments with Characteristics of Equity (issued 11/30/07) [Download] 5/30/08 Deliberations
Invitation to Comment, Selected Issues Relating to Assets and Liabilities with Uncertainties (issued 9/30/05) [Download] 1/3/06 Comments will be considered in the measurement phase of the project
FASB PROJECTS
New—Proposed Statement, The Hierarchy of Generally Accepted Accounting Principles—a replacement of FASB Statement No. 162 (issued 03/27/09) [Download] 05/08/09 Out for Comment
New—Proposed Statement, Rescission of FASB Technical Bulletin No. 01-1, Nullification of EITF Topics No. D-33 and No. D-67, Amendments, and Technical Corrections (issued 03/16/09) [Download] 05/15/09 Out for Comment
Proposed Statement, Going Concern (issued 10/09/08) [Download] 12/08/08 Redeliberations
Proposed Statement, Subsequent Events (issued 10/09/08) [Download] 12/08/08 Redeliberations
Proposed Statement, Accounting for Transfers of Financial Assets—an amendment
of FASB Statement No. 140 (issued 9/15/08) [Download]
(Appendix C—Amendments to Other Authoritative Literature in the proposed Statement, Accounting for Transfers of Financial Assets, was posted to the website September 19, 2008)
[Download] 11/14/08 Redeliberations
Proposed Statement, Amendments to FASB Interpretation No. 46(R) (issued 9/15/08) [Download] 11/14/08 Redeliberations
Proposed Statement, Accounting for Hedging Activities—an amendment of FASB Statement No. 133 (issued 6/6/08) [Download] 8/15/08 Redeliberations
Proposed Statement, Disclosure of Certain Loss Contingencies—an amendment of FASB Statements No. 5 and 141(R) (issued 6/5/08) [Download] 8/8/08 Redeliberations
The FASB and its Staff Request Additional Comments on a Potential Revision to the October 2006 Proposed Statement, Not-for-Profit Organizations: Mergers and Acquisitions, and Seek Field Visit Volunteers (posted 5/9/08) [Download] 7/8/08 Redeliberations
Proposed Statement, Not-for-Profit Organizations: Mergers and Acquisitions (issued 10/9/06) [Download] 1/29/07 Redeliberations
Proposed Statement, Not-for-Profit Organizations: Goodwill and Other Intangible Assets Acquired in a Merger or Acquisition—an amendment of FASB Statement No. 142 (issued 10/9/06) [Download] 1/29/07 Redeliberations
Proposed Statement, Consolidated Financial Statements: Purpose and Policy (issued 2/23/99)
Front Matter through Appendix A
[Download]
Appendix B and C
[Download]
Some issues were addressed in FIN 46(R). Other issues will be addressed in the joint FASB/IASB consolidations research project after related issues are addressed in the joint FASB/IASB conceptual framework project.
New—Proposed FSP FAS 157-e, Determining Whether a Market Is Not Active and a Transaction Is Not Distressed (issued 03/17/09) [Download] 4/01/09 Out for Comment
New—Proposed FSP FAS 115-a, FAS 124-a, and EITF 99-20-b, Recognition and Presentation of Other-Than-Temporary Impairments (issued 03/17/09) [Download] 4/01/09 Out for Comment
Proposed FSP FAS 107-b and APB 28-a, Interim Disclosures about Fair Value of Financial Instruments (issued 01/30/09) [Download] 3/2/09 Redliberations
Proposed FSP FAS 144-d, Amending the Criteria for Reporting a Discontinued Operation (issued 9/25/08) [Download] 1/23/09 Redeliberations
Proposed FSP FAS 157-c—Measuring Liabilities under FASB Statement No. 157 (issued 01/18/08) [Download] 2/18/08 Updated—The Board decided at the 2/25/09 Board meeting to reexpose this proposed FSP for an additional 30-day period.
Proposed Statement 133 Implementation Issue No. C22, Exception Related to Embedded Credit Derivatives (issued 1/14/09) [Download] 2/13/09 Redeliberations
Proposed Statement 133 Implementation Issue No. H17, Hedging Functional-Currency- Equivalent Proceeds to Be Received from a Forecasted Foreign-Currency-Denominated Debt Issuance (issued 12/28/06) The Board decided not to issue a final Implementation Issue and removed this project from its agenda. The Board will consider at a future date whether to address the application of cash flow hedging and other issues within a broader derivatives project.
Proposed Statement 133 Implementation Issue No. F9, Hedging a Portion of a Portfolio of Fixed-Rate Loans (issued 1/01) [Download] 2/23/01 Open
Proposed Statement 133 Implementation Issue No. B12, Beneficial Interests Issued by Qualifying Special-Purpose Entities (issued 10/99) [Download] 7/1/02 Open; revised 6/16/06
Draft Abstract, EITF Issue No. 08-1, Revenue Arrangements with Multiple Deliverables (issued 12/01/08) [Download] 1/30/09 Out for Comment
Draft Abstract, EITF Issue No. 08-10, Selected Statement 160 Implementation Questions (issued 12/01/08) [Download] 12/26/08 Out for Comment
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SUMMARY OF BOARD DECISIONS
Summary of Board decisions are provided for the information and convenience of constituents who want to follow the Board’s deliberations. All of the conclusions reported are tentative and may be changed at future Board meetings. Decisions are included in an Exposure Draft for formal comment only after a formal written ballot. Decisions in an Exposure Draft may be (and often are) changed in redeliberations based on information provided to the Board in comment letters, at public roundtable discussions, and through other communication channels. Decisions become final only after a formal written ballot to issue a final standard.
April 1, 2009 Board Meeting
Revenue recognition. In the Discussion Paper, Preliminary Views on Revenue Recognition in Contracts with Customers, the FASB and the IASB propose a revenue recognition model based on increases in an entity’s net contract position. The entity’s net contract position is a contract asset or a contract liability depending on the combination of the remaining rights and performance obligations in the contract. In that model, an entity initially measures those rights and performance obligations at the transaction price—that is, the amount of promised customer consideration.
At this meeting, the Board discussed an issue that was not included in the Discussion Paper, that is, how an entity would determine the transaction price when the promised consideration is:
1. Payable at a time significantly different from performance by the entity,
2. Uncertain in amount, or
3. In a form other than cash.
The Board decided that when measuring a net contract position, an entity would reflect the time value of money whenever that effect would be material. It would use the discount rate that would be reflected in a financing transaction between the entity and its customer that did not involve the provision of other goods and services. The reporting entity would report the effect of financing separately from the revenue from other goods and services.
The Board decided that when the customer consideration is uncertain (variable) in amount, the transaction price at inception is the amount of the expected customer consideration, defined as the probability-weighted estimate of customer consideration. An entity would update the measurement of rights to reflect changes in the transaction price and allocate those changes to the recognized performance obligations. The effects of those changes on satisfied performance obligations would be recognized as revenue in the period of change. However, the cumulative amount of revenue recognized would be limited to the amount of noncontingent consideration.
The Board tentatively decided that an entity should measure noncash consideration at fair value. If an entity cannot estimate reliably the fair value of noncash consideration, it should measure the consideration indirectly by reference to the selling price of the promised goods and services.
In future meetings, the Board will consider collectibility and some other contract-related issues, such as contract renewals and cancellations, and the combination and segmentation of contracts.
Statement 140 implementation: transfers of financial assets. The Board redeliberated significant issues related to the disclosures required in the proposed amendment to FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities.
The Board made the following decisions:
1. The proposed disclosures would be updated to reflect the results of the Board’s redeliberations of FSP FAS 140-4 and FIN 46(R)-8, Disclosures by Public Entities (Enterprises) about Transfers of Financial Assets and Interests in Variable Interest Entities.
2. The scope of the proposed sensitivity analysis disclosures would be finalized as proposed and would not be expanded.
3. The Board previously decided to require specific disclosures for securitization and asset backed financing arrangements where a transferor has continuing involvement with transferred financial assets accounted for as sales. The Board decided to expand those requirements to all transfers of financial assets accounted for as sales where the transferor has continuing involvement with transferred financial assets.
4. All disclosure requirements would apply to both nonpublic and public entities.
5. An entity would disclose the nature of any beneficial interests received as proceeds from a sale of financial assets, and also disclose the inputs and valuation techniques used to value those beneficial interests.
6. An entity would disclose the maximum exposure to loss arising from its continuing involvement, except in the case of a secured borrowing.
7. Further guidance on how to consider materiality or significance in relation to continuing involvements would not be provided.
8. The reporting entity would not be required to disclose standardized categories of transferred financial assets in standardized tabular formats.
9. An entity would not be required to disclose an analysis of the maturity of its repurchase obligations.
10. An entity would not be required to disclose the amount of transfer activity (that qualifies for derecognition) in a reporting period when the transfer activity is not evenly distributed throughout the reporting period.
FASB ratification of EITF consensuses-for-exposure. The Board ratified the following consensuses-for-exposure reached by the EITF at its March 19, 2009 meeting.
1. Issue No. 08-9, Milestone Method of Revenue Recognition. The Board decided on a 30-day comment period.
2. Issue No. 09-1, Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance. The Board decided on a 30-day comment period.
Reconsideration of Interpretation 46(R). [This summary of decisions will be posted as soon as it is available.]
http://www.fasb.org/action/sbd040109.shtml
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HIGHLIGHTS – Sarkozy/Merkel news conference
Wed Apr 1, 2009 5:40pm BST
LONDON (Reuters) – Following are highlights of comments made by French President Nicolas Sarkozy and German Chancellor Angela Merkel at a news conference ahead of the G20 summit on Wednesday.
SARKOZY ON WALKOUT THREAT
Firstly, it would be awkward for me to leave when I’ve only just arrived. Secondly, Angela Merkel and I are on exactly the same page. We think our positions are based on common sense. We both simply wanted to get across that it (summit) was historic. And when faced with history, you can’t sidestep it.
You will judge the result tomorrow of what is not a battle,
but a frank discussion.
SARKOZY ON GOLD SALES
We want the G20 to succeed. On development, on the sale of the IMF gold stock, we are completely ready, of course. We can’t let poor countries which suffered before the crisis drown completely during the crisis. We must help them.
MERKEL ON POST-G20 PROSPECTS
Any regulations we don’t agree here, won’t be agreed for the next five years. The summit is not about horsetrading between regulation and economic growth programmes. Continued…
MERKEL ON SUMMIT OUTCOMES
…the most important thing is that we develop a new architecture, a new constitution for financial markets and that we enact very concrete rules and make this very clear in the communique.
This cannot remain a matter of generalities, but it must become clear that those who do not adhere to our rules will be named. We decided in Washington that no place, no institution, and no product should be left without control and adequate transparency. And if we want that, then that means that there must be a list of places that do not want to be regulated.
If we want that, it means that hedge funds will need to be regulated, that there must be rules for remuneration of managers, that ratings agencies must adhere to stricter standards.
Countries that do not stick to agreements must be named. The communique needs to set out very concrete steps. The summit must delineate the new architecture of financial markets.
SARKOZY ON G20
France and Germany will speak with one voice at Thursday’s summit. Our objective is simple. We demand results in London we want concrete results.
SARKOZY ON REGULATION
In the results, we want the principle of new regulation to be a major objective…..This is not negotiable.
http://uk.reuters.com/article/UKNews1/idUKTRE5305KL20090401?pageNumber=2&virtualBrandChannel=0
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Financial Stability Forum and US Congress / Business Leaders are making folly of President Obama, and World Leaders at the G20 by changing to mark-to-make believe accounting to undermine regulation and required prudent business practices – will deepen and exacerbate US and Global economic crisis
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