'Let's change the length of inches so I'm shorter!'
Brilliant stuff from Grayson. We had never seen this clip until this morning. Fair value, mark to market, FAS 157 nonsense exposed. Robert Herz of FASB admits to widespread insolvency in the banking sector, and tells a classic story.
The witnesses for this hearing were:
Mr. James Kroeker, Acting Chief Accountant, SEC
Mr. Robert Herz, Chairman, Financial Accounting Standards Board
Mr. Kevin Bailey, Office of the Comptroller of the Currency