Open Letter to President Obama

Mr. President,

FASB…

Federal Accounting Standards Board…

Make the banks take the write-downs on the “toxic assets,” aka Subprime-Mortgage-Backed Securities.

This will clean up the housing market and improve home equity, and therefore increase homeowner credit availability.

You know as well as I that TARP, the Troubled Asset Relief Program, or better known as the $700 billion bailout by Bush/ Paulson…did not use any of that money to buy up Troubled Assets. The banks used the taxpayer bailout to plug up the holes on their balance sheets and then pay themselves billion dollar bonuses.

Give the advantage back to the majority of Americans. Take care of the homeowners by making the banks take the write-downs; change the FASB rules back to where they were before the Subprime mess, please.

Thank you, your fellow American

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