Posted on 04/02/2009 10:59:22 AM PDT by TenthAmendmentChampion
WASHINGTON -- The only thing worse than bankers making up accounting rules is members of Congress making them up.
Repeating its blunder from the 1994 battle over stock options, the staid Financial Accounting Standards Board has buckled to political pressure demanding that it change accounting rules. The FASB voted Thursday to ease the interpretation of rules requiring banks and other big institutions to value their assets on a reasonable basis.
The value of the banks' assets is a huge issue for the global economy right now, because banks are required to have a certain amount of cushion to back up their loans. No cushion, no new lending.
(Excerpt) Read more at marketwatch.com ...
Historically, Marxism has been defined as “From each according to his means, to each according to his needs.”
I suggest a modern-day definition as: “Something for nothing.”
It is the oldest scam since the beginning of mankind.
Right - I am in favor of getting rid of the changes that caused this mess.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.