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Black mark

机译：黑标

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This has been a crisis of firsts. The first major crisis of the securitisation era; the first big test of the European Central Bank; and the first crisis of "fair-value" accounting, the set of standards which requires institutions to mark many of their assets to market value. Many blame fair value for causing the credit crunch, arguing that it can cause a downward spiral in prices by encouraging institutions to sell assets quickly and forcing them to take write-downs that do not reflect the "true" value of the underlying assets. "Fair value is a big mistake," says the boss of one big European bank, AIG, an American insurer, has proposed a change to the rulebook so that companies and their auditors would put only their own estimates of maximum losses into the profit-and-loss account. A lot of the criticism is pure cant. After all, mark-to-market gains were happily accepted by banks before the bubble burst. The regime's more helpful rules are still being applied with gusto: for example, banks are able to reduce the fair value of their own debt issues if the credit spreads on them widen. Barclays, for one, recorded gains of ￡658m ($1.3 billion) on its own liabilities in fiscal 2007.
机译：这是一场危机。证券化时代的第一场重大危机；欧洲央行的首次重大考验；第一次危机是“公允价值”会计，这套标准要求机构将其许多资产标记为市场价值。许多人将公允价值归咎于造成信贷紧缩，认为这会通过鼓励机构迅速出售资产并强迫它们进行冲减而不能反映基础资产“真实”价值的减记，从而导致价格下跌。一家欧洲大型银行的美国保险商美国国际集团（AIG）的老板说：“公允价值是个大错误。”该提议修改了规则，以便公司及其审计师仅将自己对最大损失的估计值记入利润中，亏损账户。很多批评纯属虚假。毕竟，在泡沫破灭之前，银行高兴地接受了按市值计价的收益。该政权更有用的规定仍在实行中，例如：如果银行之间的信用利差扩大，银行便能够降低自身债务发行的公允价值。其中之一就是，巴克莱在2007财年的自有债务收益为6.58亿英镑（13亿美元）。

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    《The economist》 |2008年第8580期|14|共1页
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