FASB Mark-to-Market Change and PPIP

What about the Geithner Plan?

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Dr. Ed Yardeni makes a good point here about the continued relevancy of the Geithner Plan:

The revisions to the mark-to-market rule (FASB 157-e) today should give a boost to profits of financial companies. More importantly, it should take the pressure off of them to raise funds to fill up black holes in their capital created by the original rule. The government has made it extremely unappealing to take federal bailout money. Doing so has been a sure way to get into an abusive relationship with Barney Frank. ... FASB 157-e might make the Treasury’s latest cockamamie toxic asset plan (PPIP) totally irrelevant. When the FDIC starts to hold auctions for pools of distressed bank loans, the banks might not show up since they are more likely to hold onto their loans rather than sell them at the heavily discounted prices that buyers are likely to bid.