The Financial Accounting Standards Board quietly buckled to banking-industry pressure last week and proposed new accounting practices that would allow banks to value assets at a higher price than they could currently be sold for.
Banks have long demanded the "mark-to-market" accounting rule change, arguing that it's unfair to require them to mark toxic assets down to current market prices because the very market for those assets is frozen.
Read more @ Huffington Post, bring a bucket
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