Wednesday, April 15, 2009

Rep. Grayson on the Results of the Accounting Change

Huffington Post does an article on the results of the recent accounting rule change by the FASB concerning "mark to market."

Since this accounting change, we've seen two major institutions prettying up their financial statements. Wells Fargo recorded record profits, and its stock jumped more than 20% in one day on the news. Goldman Sachs also reported tremendous earnings, surprising in these difficult times, and sold $5 billion of stock in the secondary market immediately afterwards.

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