Specification of Thesis's Main Point:
Goldman (2009) surmises that today's economic crisis has changed many aspects of financial reporting, one of which is the calculation of the cost of capital.
Three Supporting Opinions/Reasons:
Utilizing much of his own personal, professional experience as well as other sources, Goldman's (2009) three supporting opinions all highlight the impact today's economic crisis has had. He quotes Marc Panucci, an SEC associate chief accountant, in his first supporting opinion. Panucci agrees with Goldman's theory that the turbulent economic environment of today requires changes to existing disclosures, in order to meet disclosure requirements. This is especially true when meeting disclosure requirements in liquidity, risks and uncertainties, and credit risks.
The Internal Revenue Service is Goldman's (2009) second supporting source. Not known for their empathy, the IRS has eased rules so that homeowner's facing tax liens can sell or refinance their homes. In fact, in some instances, "the IRS is willing to subordinate its interests in favor of mortgage holders" (p. 24). Of course, as Goldhorn notes, there is a 50% chance now that the federal government is the mortgage holder.
.Lastly, Goldman (2009) uses the state of the banking industry's stranglehold on capital currently as a third support for his position about how the economic environment has changed. Despite the fact that the government is giving money hand over fist to the banks, banks don't appear to be following suit. Where bankers are aggressive on the calling-loans-in front, they're much less aggressive on extending-new-credit front. Goldman notes that equity investors are nearly extinct as either their own resources have dried up or they're waiting for an even better deal. This, he purports, makes it very difficult to calculate...
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