FASB Chairman Bites Back over Mark-to-Market
This interesting tidbit was buried in a Wall Street Journal “Heard on the Street” article.
“Financial Accounting Standards Board Chairman Robert Herz had a derisive response for banks who argue that market-value accounting rules are hurting economic prospects. ‘So why don’t we just pass a law requiring broker-dealers to send out monthly statements to their retail customers that show nicely rising values, thereby engendering consumer confidence, spurring more spending and helping us avoid a recession?’ Mr. Herz asked. Don’t laugh, the government is desperate enough to try it.”
The full text of Mr. Herz’ speech can be found here.
Source: “Overheard,” The Wall Street Journal, September 23, 2008.
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