I was waiting last Thursday for somebody in the corporate media to point out the sweet irony in two simultaneous announcements: 1. The stated commitment of the G-20 countries to a regime of greater regulation of private financial colossi, and 2. The news out of Washington that same day that our own Financial Accounting Standards Board will now deregulate by abandoning the “mark to market” rule that currently requires our big banks to be honest about their bad assets.

Jack is a very successful conservative (evangelical Christian) former securities trader who heads his own boutique investment management firm.

Crossposted from apokalupto.

In an interview with Bill Moyers about the current financial crisis, William Grieder, a former Washington Post editor and author of The Soul of Capitalism, said:

Fitch Ratings assigns a rating of 'AA/F1+' to the $20,290,000 Southeastern California Conference of Seventh-Day Adventist adjustable rate demand taxable revenue bonds, series 2008. The rating is based on the support provided by an irrevocable, direct-pay letter of credit (LOC) issued by Bank of America, N.A securing the bonds (the long-term 'AA' rating of Bank of America is on Rating Watch Negative as of March 7, 2008). The bank is obligated to make payments of principal and interest when due, as well as purchase price for tendered bonds.