Hello Warren,

What an extended and thoughtful reply, thank you. I learned something, too, about accounting for the first time in years and years. Namely, the bit about Bear Stearns. Thank you. I have a Masters in Accounting, though am not a CPA. So, the incremental knowledge bits are rare. Woohoo! You have made my night!

Regarding "fair value" - I think the original intention was probably correct - to better reflect the actual value of the assets. In retrospect what is likely better is to simply provide transparency as to the nature of the assets (many of the assets are contractual in nature) so that the diligent and interested analyst can agree or disagree with the assumptions to calculate her own estimate of the fair value of the assets.

Again, thank you!

Jason