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Mark-to-Market Gets Vindicated, For Now

TOLD YOU.jpgSweet justice has finally arrived for supporters of mark-to-market accounting. According to the Financial Crisis Advisory Group, MTM may have actually understated some of the losses suffered by banks and “did not contribute to the pro-cyclical nature of the economic system.”
The Group also stated that public flogging of accounting rule wonks for the purposes of shameless political grandstanding doesn’t really help matters, “We have become increasingly concerned about the excessive pressure placed on the two boards to make rapid, piecemeal, uncoordinated and prescribed changes to standards, outside of their normal due process procedures”.
Our money is on the pols BTFO for as long as banks want them to and as inconvenient changes are proposed, which will likely be soon, the public beatings will continue.
Politicians Accused of Meddling in Bank Rules [Floyd Norris]
Accounting is semi-officially exonerated from causing crisis [FT Alphaville]

Accenture Loves Animals, Just Not Tigers

Thumbnail image for Tiger accenture ad.jpgAfter taking a stab at making the Tiger image still work and then realizing that the Andersen treatment was the only way to go, Accenture has rolled out their new advertising campaign.
Rather than take your suggestion that an ultimate fighter — with an accounting degree no less — would be the best route, Accenture has decided that sticking with the animal mantra was the best way to go.

The Journal spent 1,100 words telling us about the new Earth shattering idea:

After nearly a month of focus-group testing and production work, Accenture is rolling out the new global marketing campaign this week. The creatures, which include an elephant, a chameleon and some frogs and fish, will star in a series of TV, print and online spots.
…
One of the posters shows an elephant balancing precariously on a surfboard. The text reads, “Who says you can’t be big and nimble?” Another ad shows a frog leaping over three others, with the tagline, “Play quantum leapfrog.”


So the marketing team is sitting around, drinking bottled water, drumming on the conference table and suddenly, someone blurts out “You know, Tiger is man but it’s also an animal.”

Everyone stares at this fool that just said the stupidest thing they’d ever heard, “And?” one team member snaps back.
“Well, since everyone is used to Tiger, which is also an animal, we’ll just replace the man with animals that aren’t tigers. That way, people will still think ‘animals = Accenture is good’ but not ‘the guy named after an animal is a cheating bastard.’ Get it?”

The light bulb finally clicks on for everyone else. “You’re right. We’ll just put animals that aren’t tigers in the ads. No one cares if animals cheat on their spouses. Brilliant!”

Prior to this revelation, Accenture apparently considered jugglers and jump ropers. We understand this was five alarm blaze for the company but elephants on surfboards and leap frog was the solution? Maybe they’re just had the whole animal thing on the brain and couldn’t shake it.

But hey, what do we know? We’re sure it’ll be a huge success. Can’t wait for the Super Bowl commercials. Get those frogs to drink beer and then you’ll have a winner for sure.
After Ditching Tiger, Accenture Tries New Game [WSJ]