imaginary accounting

Now Banks Can Just Decide for Themselves What Their Assets Are Worth

By , a writer living in New York.  She has contributed to New York Magazine since 2007.

Oh, so today the Financial Accounting Standards Board agreed to give struggling financial institutions flexibility in applying mark-to-market accounting to their toxic assets. Remember what mark-to-market accounting is? No? This should remind you. “Good decision,” Citigroup chairman Richard Parsons said of FASB’s move. [Bloomberg]

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Now Banks Can Just Decide for Themselves What Their Assets Are Worth