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ACCOUNTING
Smash Capitalism, FAS 157-e

On the eve of FASB's vote on hastily written amendments to fair-value standards, Damien McElvanna took to the streets to make his displeasure heard. In a crisply-pressed suit and lurid yellow tie, the recently laid-off Citigroup analyst marched through the heart of London's financial district with a placard carrying a simple, striking message: "MARK TO MARKET".

As it happens, his protest coincided with the major anti-war, anti-capitalism protests that raged yesterday as leaders from the G20 nations met in the British capital. He cut an unusual profile amidst the throng, which is perhaps what attracted a New York Times reporter on the scene. McElvanna gets a rather incongruous mention in the reporter's roundup from the protests, described as a "brief but brutal spasm of violence that reflected a widespread anticapitalist fervor."

This being 2009, McElvanna's Twitter account is now common knowledge. He seems ambivalent about the "fervor" he experienced yesterday, according to message broadcast during the march: "preparing to smash the military industrial illusion of democracy though may hedge [my] bets and finish the CFA just in case."

Posted by Jason Karaian | April 02, 2009 09:07am | Comments (3)

Comments
Did the crowed mention what to do after smashing capitalism? Because socialism is already expired and there have not been upgrades since the demise of last version. The upgrades, we can find are in China, but these upgrades are like smashing socialism step by step. This issue has to be taken up for intellectual debate not in mob chanting. Thanks.
Posted by Aftab Anwar | April 04, 2009 10:21am

This is my first time on this blog and most of the articles are useful, important to me and my employees. I will continue to rely on these articles. This are all first class write-up. May God continue to give every contributors the wisedom and power to see what novice like me would otherwise not see. www.vinonagroup.biz
Posted by ANDY JOHNSON | April 16, 2009 12:15pm

You may find this series of discussions on Capitalism more interesting: http://www.sramanamitra.com/2009/03/28/capitalism-20-the-need-for-regulation/
Posted by Sramana Mitra | April 16, 2009 05:21pm

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