Un-Fair Value Accounting

Portfolio.comより:
For several quarters, all the investment banks have been taking gains on its liabilities. Say you owe $100 to your friend. But you run into severe problems and your friend starts to figure you can only afford to pay back $95. If you were an investment bank, the magic of fair value accounting dictates that you could get to reduce your liability. What’s more, that $5 gain gets added to earnings. Because investors thought Lehman was more likely to default, its liabilties fell in value and Lehman garnered earnings from this. How much did Lehman win through losing? $600 million in the quarter. How much was its net income? $489 million.

うーむ、何と言えば良いやら。Equityの価値がゼロになった時点で、初めてDebtの価値の減額を認識するのならわかりますが、クレジットリスクが高くなったら途端にDebtの価値を減額して、その分、利益(つまりEquity)として認識するのは本末転倒では?「債権」の現在価値にクレジットリスクを反映させるのは当然ですが、「債務」の現在価値にクレジットリスクを反映させるのは何か間違えている。
[PR]
by stupid-market | 2008-03-21 12:13 | Economy
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