7/9/2010

Financial industry groups are opposed to a plan by the Financial Accounting Standards Board to apply fair-value accounting rules to all financial instruments. Bank insiders are working to raise awareness among investors because the rules might force financial institutions to significantly write down assets. "They are trying to cut the legs out from FASB," said Jack Ciesielski, editor of an industry newsletter. "If you can get enough investors to say 'we like the status quo,' then you've kind of removed FASB's reasons for doing this."

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Bloomberg

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