Politicized Accounting: No End to the Scams

This may sound incredibly arcane, but what the FASB has done is declare that assets held by companies (including banks) on their books will no longer have to be valued at their current market value. Under new guidelines, effective retroactively to March 15, these assets can now be valued at what the corporate managers think (or pretend to think) they will be worth at some time in the future when they might try to sell them.

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