Level 3 is going to be the new buzzword

If you haven't already be prepared to hear a lot of talk about Level 3 assets.

Banks Face $100 Billion of Writedowns on Level 3 Rule

Nov. 7 (Bloomberg) -- U.S. banks and brokers face as much as $100 billion of writedowns because of Level 3 accounting rules, in addition to the losses caused by the subprime credit slump, according to Royal Bank of Scotland Group Plc.

John Glover of Bloomberg has written several very good articles on this. This is a very big deal and is responsible for the sell of in the US stock market this week.

A related article at Bloomberg:

U.S. Three-Month Bill Yields Tumble as Subprime Concern Rises