Utilizing fair-value accounting rules would have provided bankers an early heads-up about the pending crisis, Goldman Sachs CEO Lloyd Blankfein said. "It's painful to mark these things down, but it's more painful to have to mark them down beyond the point where you can no longer afford the capital [to hold them]," he said. "Had fair market been implemented more widely ... then people would have had an early warning and seen value erode." Blankfein's comments follow moves by the international and U.S. accounting-standards boards to ease up on the rules.

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