Of course it is a mirage .... the elimination of mark to market accounting allows for fantasy accounting .... using all of the irrational exuberant forecasts, there is much justification to "recover" losses that were written down based upon that old antiquated methodology of objectively valuing an asset based upon the sound principle of conservatism.

Any academia of accounting not embarassed and outraged by FASB's decision to suspend reality who is not critical should be ashamed ... of course the financial accounting firms don't care they will make more fees since they are now in the consulting business as well.

OOOPS .. I forgot ... thanks to Madoff and the collapse of the market the pension funds of educational institutions will need to be bailed out and they are forward enough thinking to see they won't be getting money from government if they blow the whistle ... so they better remain silent as well.

The corruption has never been greater in the history of the "civilized world".

orgy