Because of the Federal Accounting Standards Board's mark-to-market 157 rule, Wall Street had to write off the lower value of these securities and raise more capital, diluting shareholders.

由于联邦会计标准委员会有关“市场决定价格”原则的157条规定，华尔街不得不减记这些较低价格的有价证券并增加更多的资本金，稀释股东。

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Against this there is a horror story. It says that HSBC's definition of capital excludes mark-to-market losses on asset-backed securities (ABS).

(除了上面提到的故事)，这里有一个恐怖故事，据说汇丰的资本定义是不包含资产证券化过程中的市值损失。

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As the market prices of mortgage securities have fallen, banks have had to mark down their holdings, taking “unrealised” losses that erode their capital position.

随着按揭证券市价的下跌，银行需要减记它们的持有量，接受“未实现”的损失。 这些“未实现”的损失将腐蚀它们的资本。

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The idea is to use private capital and private asset managers to help set a market value for the securities.

VOA: special.2009.02.13

The International Capital Market Association, a trade group for securities-market participants, estimated in a report last month that the tax would cause the short-term repo market to contract by 66%.

WSJ: Review & Outlook: The Transaction-Tax Climbdown

The Treasury bought preferred stock in over 700 banks to give them an additional capital cushion, while mortgage backed securities and mark to market accounting were wiping bank capital out.

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However, that may not be the case if 200 or 2, 000 banks fail because most held mortgage-backed-securities they thought were safe because of their AAA ratings and because the strict application of mark to market accounting for those securities in a frozen market wiped out their capital on a massive scale.

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