The SEC revisited its fair value accounting standards today, as Usha predicted. Here's the SEC statement, and Floyd Norris has insights here and here. We speculated that the bailout would eventually take a criminal tinge, Doug Berman agrees.
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1. Posted by fedgovernor on September 30, 2008 @ 18:10 | Permalink
This represents a complete and total capitulation on the part of the Securities and Exchange Commission.
The crisis is over. There is no further need for a $700 billion bailout.
The SEC just gave banks carte blanche to make up results.
2. Posted by Mike Guttentag on September 30, 2008 @ 18:30 | Permalink
Can you check the links?
3. Posted by David Zaring on September 30, 2008 @ 20:40 | Permalink
Oops, doubled up on Floyd Norris there ... fixed, I think.