Wall Street blames fair-value accounting rule for turmoil

09/23/2008 | Washington Post, The · Bloomberg1

Wall Street bankers and lobbyists say the fair-value or mark-to-market accounting rule, which took effect as the credit crisis started to unfold last year, caused the turmoil in the financial markets. Executives are trying to persuade regulators and lawmakers to roll back or at least temporarily suspend the rule, which has been cited as contributing to the collapses of Lehman Brothers, Freddie Mac and American International Group.

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Washington Post, The · Bloomberg1

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