Regulator: Before Banks Collapsed, They Pleaded With Feds To Let Them Fudge Their Books

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FASB head Robt. Hertz to Financial Serv. Subcomm.: "[T]here may be institutions that are insolvent and they haven't been forced to write down their books to the point [of insolvency] yet, and those are maybe the same institutions that are asking us to modify the mark-to-market rules so that they won't have to admit that they're bankrupt. Is that correct?" Herz said that it was. More to come?

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OpedNews volunteer from 2005 to 2013.

Amanda Lang was a wonderful member of the Opednews team, and the first volunteer editor, for a good number of years being a senior editor. She passed away summer 2014.