It's been well documented that Barney Frank can a get a little sassy when he's crossed.It's also no secret that ole' Barn is willing to pull the bazooka on the FASB for the good of
Apparently, Paul Volcker is less enthusiastic about this approach:
But he said that while more international consistency is required in accounting standards, politicians should avoid excessive involvement. "Political bodies in Europe and the United States or any other country are simply not the appropriate venue for reaching well-considered judgments that can be enforced internationally."
WHAT?!? You mean the brilliant minds of Barney Frank and Maxine Waters may not be the best people to come to "well-considered judgments" on accounting standards?
Mr. Volcker, we implore you... Reconsider this line of thinking before find yourself another victim of the Sass from Mass.
Volcker says US growth possible this year but strong recovery unlikely; 'long slog' in store [Los Angeles Times via AccountancyAge] Sphere: Related Content
If I had to pick an all-time favorite Fed Chairman, it would be G William Miller simply because it's hilarious to see someone bomb SO badly at monetary policy AND get offered a government gig as a result.
ReplyDeleteHowever... if I had a second favorite Fed Chairman, it would be Paul Volcker.
Gangsta.