European Union is looking to follow US "mark to market" accounting that was adopted here by the FASB [Financial Accounting Standards Board] on April 2.
Mark to market was the kind of accounting ENRON used. Should we be letting banks and corporations set the value of future assets and investments?
Will Geithner keep a better eye on things? Will the Obama Administration add safeguards? I'm sure you can spin these accounting changes any way you want. Let's see if we have learned from our mistakes.
Source: Bloomberg
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