It appears that the Wall Street bankers, writing the SEC as the American Bankers Association, are objecting to an accounting rule that requires that assets be priced on their balance sheets at a realistic market value.

They find it inconvenient that assets that they won’t even try to sell, because they might get 15¢ on the dollar, which would make them technically insolvent.

Dudes, you are broke. You are not broke because of an accounting rule, you are broke because your so called assets on your so called balance sheets are about as popular as the idea of giving Dick Cheney a rim job.

The American Bankers Association, today’s wankers of the day.