Thursday, June 4, 2009

Shocker of the Day: Congress is Owned by the Financial Services Industry

Transparent financial statements are so damn inconvenient anyway...

As speculated earlier here and reported today by the WSJ here, banks and other financial industry lobbyists didn't like the idea of the FASB wanting everyone to consolidate their off-balance sheet entities.

This after everyone threw a conniption over mark-to-market and had to play grabass with Congress in order to get that rule diluted to the more attractive idea of mark-to-whatever the fuck we say.

Barney Frank will certainly get to the bottom of this little annoyance as well and the FASB will fold like a cheap lawn chair. You know, per usual.

Financial Groups Try Delay Accounting Rule, Report Says [DealBook] Sphere: Related Content

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