paso11

Amity Shlaes: Paulson Plan Bring On Accounting Deja Vu

fair value accounting is the messenger not the cause, it may have contributed to the pain but ultimately it helped to highlight the greed, poor risk management and other issues. As an investor I want financial statements to reflect economic reality and to be prepared on a prudent basis. Besides accountants didnt tell Wall St to buy and manufacture mortgage backed securities in the first place.