Comments on: Lay And Skilling Guilty

By: DosPeros

DosPeros — Fri, 26 May 2006 14:06:15 +0000

Pooh – as I understanding it mark-to-market is a tax election for traders in which at the years end the traders values his/her holdings on the current market value. I did some research on this because this kind of stuff interests me and I’m more or less ignorant on accounting and tax stuff. Apparently this is good for day-traders, because it is less of hassle than going back and accounting for the days they made a hundred trades. Using M2M the income is considered ordinary income and not capital gains. I would really appreciate an education of this topic if anyone can provide?

By: reader_iam

reader_iam — Fri, 26 May 2006 04:30:52 +0000

Honestly, Justin, I have to say I’ve done that myself, though not in writing. Not so difficult to to do … .

By: Justin Gardner

Justin Gardner — Fri, 26 May 2006 00:33:43 +0000

I think you mean Lay, not Delay.

Thanks for the catch. I said the same thing to a colleague today, and he corrected me.

Wishful thinking, no doubt. Or maybe heÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s been reading Truthout again.

Haha, well, I didn’t blog about the Rove Truthout story, now did I?

By: wj

wj — Thu, 25 May 2006 23:47:02 +0000

If only they not only got jail for life, but they (and their families) were forced to make such restitution as they could. Leaving them destitute. Now that would approximate justice. but likely the families will get to keep a bundle, while those defrauded by Enron get nada.

By: Pooh

Pooh — Thu, 25 May 2006 22:00:53 +0000

Mark-to-market accouting has to be amongst the dumbest ideas I’ve ever heard of – it’s akin to asking your dad for the whole summer’s allowance in January because you’ve decided to mow the lawn all summer…

By: Callimachus

Callimachus — Thu, 25 May 2006 21:33:32 +0000

Wishful thinking, no doubt. Or maybe he’s been reading Truthout again.

By: Monica

Monica — Thu, 25 May 2006 21:16:40 +0000

I think you mean Lay, not Delay.

By: Left in Missouri

Left in Missouri — Thu, 25 May 2006 18:23:55 +0000

I can understand why, but I think you meant Lay and Skilling, not DeLay and Skilling. Its hard to keep your rich guy criminals straight.

By: DosPeros

DosPeros — Thu, 25 May 2006 18:21:17 +0000

Me guess is that they get considerable time and be sentenced to an honor camp at one of federal pens. Its much less restrictive in terms of movement and safer.

It is too bad that such a shitty peice of federal legislation had come out this. Sarbane-Oxley is the kind of dysfunctional law created when there is mad, emotional rush to do something, anything.

Let me just throw this out there: I feel for Lay’s and Skilling’s families, just as I feel for their victims.

By: Trickish Knave

Trickish Knave — Thu, 25 May 2006 17:42:33 +0000

Skilling and Lay are a couple of old dirty bastards, and although they will get a hefty sentence, the jail they will go to will be far from what they deserve.

These two jackholes ruined hundreds of lives and that can’t be rectified by jailtime.