As Bill Kurtis, a longtime Chicago news anchor, began calling out numbers, the players let out a combination of groans and yelps as they used kiddie animal stampers to mark their sheets.
Consequently, balance sheets under mark to market accounting suddenly started to show insolvency, or near insolvency, for more and more institutions.
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The UKFPO announced on Tuesday that it had discovered "a potential error in the scanning process of the situational judgement test" and promised to manually re-mark all the affected sheets within a week.
Whatever the accounting system, investors will have their own views on the value of balance sheets, and will mark accordingly.
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"Producers have to rebuild their own balance sheets first, " says Mark Koznarek, an analyst with Midwest Research.
Tobias Adrian and Hyun Song Shin have shown that the balance sheets of financial firms that mark their assets to market grow and shrink based on changes to the level of short-term interest rates.
Students listened to lectures, ate communal meals of lamb, chicken and rice, and worshipped in a makeshift prayer area -- a portion of a large banquet room with sheets spread on the carpet to mark a sanctified zone.
"Producers have to rebuild their own balance sheets first, " says Midwest Research analyst Mark Koznarek.
Moore says that strict mark-to-market accounting tends to make balance sheets look overly rosy in good times, when the market overvalues things.
If you think the new accounting rules for mark-to-market accounting caused havoc on bank balance sheets and accelerated the crisis, then this would have been far worse.
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He has not used his newfound authority to hack at the root of the current panic, the regulatory mandate to mark these assets down to panic prices, even on the balance sheets of those companies who are not engaged in panic selling.
To work our way out of the current morass, it will be necessary to relax the mark-to-market rules for banks on valuing the assets that need to be taken off of their balance sheets.
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