Mr Cooper Group Inc fka COOP

[paulebino]

Linda, you like to do research. Look up FASB 157 and mark to market rules. They were implemented in Nov 2007, issued in Sept 2006. These rules constricted all levels of liquidity that you are so keen on. Once the banking institutions fell that were targets, the FASB caved in to politial pressure to soften the rules so bank assets were not under pressure any longer. Wahlah, market rebound. Bank stocks soar. I am curious to know what kind of political pressure was put on FASB in the first place to issue the new tighter standards in 2006. Was JPMC involved? Goldman?

My conspiracy theory is that JPMC is responsible for the collapse of the markets and banking industry to its own benefit partly through the FASB rule. If the rule was not put in place the easy credit party may well still be going on today and WAMU would still be taking market share from Chase.