The Office of the Comptroller of the Currency warned the largest banks in the U.S. last week that it would be "inappropriate" for them to try to make their bottom line look better by altering how they value their derivatives holdings. The OCC was clarifying its existing accounting rules following similar moves by other regulators. "The OCC is quite properly coming out and saying you shouldn't have self-interested valuations," said Stephen Ryan, a New York University accounting professor. View the OCC guidance.

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