The
revised securities valuation rules are now officially a joke. US executives can now value according to 'their own models and judgement'.
So what happened to mark-to-market if the market is no longer liquid, rather than recognise that the assets may be worthless the US regulators are saying 'feel free to make it up as you go'.
This may be well intended (to provide much needed relief) but in practice will mean more nasties get swept under the bed.
This is really going to get ugly and dark. Worst of all we no longer have a torch (flashlight) of illumination called meaningful valuations to help us find our way through.