Feeds: Email, RSS & Twitter

Get Our Videos By Email


8,300 Unique Visitors In The Past Day


Powered by Squarespace


Search The Archive Of 15,000 Videos




Hank Paulson Is A Criminal - Pass It On

"The Federal Reserve Is A Ponzi Scheme"

Get Our Videos By Email


Bernanke's Replacement: Happy Hour In Santa Cruz

Must See: National Debt Road Trip

"Of Course We're Not Going To  Payback the Chinese."

Dave Chappelle On White Collar Crime

Carlin: Wall Street Owns Washington

SLIDESHOW - Genius Signs From Irish IMF Protest

SLIDESHOW - Airport Security Cartoons - TSA

Most Recent Comments
Cartoons & Photos
« Bailout Protest: Call The FASB Today @ 203-847-0700; The Vote On Mark To Market Is Thursday | Main | Elizabeth Warren Explains What Went Wrong With Financial De-Regulation (Congressional Oversight Panel Clip) »

International Accounting Panel Blast Congress For Threatening FASB (Fair-Value Update)

Call it a mark-to-market Wednesday morning.  We have several important stories on the FASB and fair-value accounting.  Nine links inside.

First some background on the financial lobby's massively successful push that altered FASB 157 MTM rules in April of this year.  It's an outstanding read that I've been holding and waiting to present.

Congress Helped Banks Defang Key Rule


The piece below by Tracy Alloway of FT Alphaville is the most detailed summary of the entire issue including background links and coverage.

MTM Accounting Is Officially Exonerated From Causing The Financial Crisis (FT Alphaville)


Summaries from the New York Times and the Wall Street Journal and the full report PDF:

Politicians Accused Of Meddling In Bank Rules (Floyd Norris NYT)

FCAG Panel Assails Meddling Into FASB Rule Making (Summary From The WSJ)

Complete Report PDF From The Financial Crisis Advisory Group (FCAG)

Sepeartely, we have a view of the effect of FASB's change on bank earnings so far this year:

A Comprehensive View On Bank Profits (WSJ)


And now an incredibly frightening development:

Congressional Bill Supports Federal Takeover Of FASB


Yet somehow in the face of criticism and a power-hungry, Wall Street captured Congress, the FASB has started to fight back rather aggressively:

Accountants Gain Courage To Stand Up To Bankers (Jonathon Weil Bloomberg)

Newest FASB Action Alert On Fair Value Accounting

(I will be covering these last two components of the story in more detail later today, but if you wish to make your voice heard at the FASB, why not call them today.)


PrintView Printer Friendly Version

EmailEmail Article to Friend