"John Galvin of Disclosure Insight has written a letter to FASB opposing its proposal to refine mark-to-market rules. Like John, I hope FASB sees the light. It has been said that changing MTM rules would be like giving inmates the keys to the prison. Seems to me the inmates already have keys—to their own cells certainly, and to every other door inside the prison. After all, they have wide latitude to mark most assets to model (level 2) or to myth (level 3). Modifying mark-to-market gives them the key to the front gate as well."

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