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outlier -> RE: FASB accounting changes...bad idea (3/26/2009 3:32:49 PM)
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Thank you for posting this:
Quote From The Article:
"Yet those charged with building confidence and trust and presenting numbers that can be believed are under sustained attack -- and they are losing. Over the past few weeks, banks and their supporters in Congress have applied significant pressure on the Financial Accounting Standards Board (FASB) to rewrite standards for valuing distressed assets on bank balance sheets.
Earlier this month, Robert Herz, chairman of the FASB, was lectured by members of the House Financial Services Committee. "Don't make us tell you what to do," said Rep. Randy Neugebauer (R-Tex.). "Just do it. Just get it done." Said Rep. Gary L. Ackerman (D-N.Y.): "If you don't act, we will." "
Too much bad debt on the books! Quick, change the rules. That will make it go away.
When Wall Street invests in an election they make sure they get a return for their investment.
Outlier.
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