‘Ferris Bueller’ pal’s home for sale – The Daily Herald reports: Remember the stunning Highland Park (IL)  home made famous by the 1986 movie “Ferris Bueller’s Day Off?” It’s on the market for $2.3 million. – Chicago Breaking News  -    Chicago Daily Herald   hat tip  John Lothian’s excellent newsletter
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  classic chart update [...]

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WaMu’s bad loans are $29 billion windfall for JPMorgan Chase – By Ari Levy and Elizabeth Hester – Bloomberg News – JPMorgan Chase stands to reap a $29 billion windfall, thanks to an accounting rule that lets the second-biggest U.S. bank transform bad loans it purchased from Washington Mutual into income. – Seattle Times
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Securities [...]

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Warrants – Efforts to Repay Bailouts May Undercut Benefit for Taxpayers – By ERIC DASH -  …  But now banks, eager to get Washington out of their hair, are pushing to undo those investments as quickly — and cheaply — as possible. If the Obama administration acquiesces, billions of taxpayer dollars could be left [...]

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The Next Accounting Controversy – Marie Leone  – Standard-setters have moved on from fixing fair-value rules and have set their sights on off-balance-sheet accounting and loan-loss provisioning. – CFO.com 
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ABOUT THE FASB CAPITULATION – PHIL HALL – Earlier this month, the Financial Accounting Standards Board (FASB) announced it was changing FAS 157, its mark-to-market accounting [...]

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