FASB Re-Enables Crooked Incompetent Bankers

Under pressure from bankers, and their lackeys in Congress, the Federal Accounting Standards Board has relaxed mark-to-market rules.

This means that bankers can go back to creating more of the big sh$#pile, and calling it a pony:

Changes to fair-value, or mark-to-market accounting, approved by FASB today allow companies to use “significant” judgment in gauging prices of some investments on their books, including mortgage-backed securities. Analysts say the measure may reduce banks’ writedowns and boost net income. Firms could apply the changes to first-quarter results.

The FASB just got pressured to allow liars accounting again. This is a bad thing.

"Significant judgement", my ass. Wall Street has no judgment at all.