FASB Moves Toward Giving Lunatics Control of the Asylum

Financial Accounting Standards Board (FASB) looks to have caved, and its moving to significantly weaken mark to market accounting.

This is very bad news in the long term, and, because, "would be able to apply the revised rule to their first-quarter financial statements," we are going to see a bunch of very rosy results from the banking sector, but this will all be lies.

This is a bad move.