DOW 8,073.18 +311.58
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Congress modifies (eliminates) mark-to-market accounting for financials. This will allow less reserves and companies that are not possible to value.
GLD 88.67 -2.36
DIG 24.82 +2.40. Today up 10% and up since this was recently bought. Sold at 24.81 for gain. Taking profits.
WASHINGTON (MarketWatch) -- The only thing worse than bankers making up accounting rules is members of Congress making them up.
Repeating its blunder from the 1994 battle over stock options, the staid Financial Accounting Standards Board has buckled to political pressure demanding that it change accounting rules. The FASB voted Thursday to ease the interpretation of rules requiring banks and other big institutions to value their assets on a reasonable basis.
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