DVA Is Dead: Banks Will No Longer "Profit" From Collapsing

Nearly 7 years ago, shortly after Mark-to-Market was indefinitely suspended, and Mark-to-Unicorn as we first dubbed it was revealed, we described an odd accounting peculiarity which in the coming years would take the financial world by storm: the so-called "Fair Value Option", and its practical offshoot, the Credit/Debt Value Adjustment (CVA or DVA).

Here was our quick and dirty explanation from April 2009:

Documents Show JFK Was Murdered Days After Demanding UFO Files From CIA

Declassified documents show that JFK wrote a letter to the head of the CIA demanding the release of secret UFO files just days before he was murdered. The memo is one of two confirmed declassified documents released by the CIA and obtained under the Freedom of Information Act John F. Kennedy wrote the memo to the CIA on November 12, 1963 and was killed on November 22, 1963. The memo says: It would be very helpful if you would have the high threat cases reviewed with the purpose of identification of bona fide as opposed to classified CIA and USAF sources.

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