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youtube.com - 3/19/2009

Alan Grayson Questions CEO Edward Liddy on AIG Cover-up (video)

— youtube.com — Rep. Alan Grayson asks AIG CEO Edward Liddy to name the employees of AIG who managed the... credit default swap business that destroyed the company. At first L... (more) Alan Grayson Questions CEO Edward Liddy on AIG Cover-up ...

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firedoglake.com - 3/11/2009

Talking Economic Accountability With Rep. Alan Grayson

— firedoglake.com — Please welcome Rep. Alan Grayson in the comments. And don't forget to reward good behavior -- you... can donate to Rep. Grayson's campaign here -- jh You probably know Alan Grayson for his greatest hits collection on YouTube. It was his ... (more) Talking Economic Accountability With Rep. Alan Grayson

Comments vote downundo vote up Politics on HuffingtonPost.com found this 3/11/2009found this

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Regulator: Before Banks Collapsed, They Pleaded With Feds To Let Them Fudge Their Books
Politics on HuffingtonPost.com — Before financial institutions have collapsed over the past several months, they have come to the Financial Accounting Standards Board, pleading for a change in mark-to-market accounting rules so that they can continue to appear to be solvent on their balance sheets. Robert Herz, head of the FASB, told a panel of lawmakers Thursday that the loudest critics of fair market accounting practices have been the very same banks that have gone belly up when regulators would not let them adjust their accounting. "There seems to be a clamoring for changing mark-to-market rules that seems to come largely from institutions that may be insolvent," Rep. Alan Grayson (D-Fla.) ...

Regulator: Before Banks Collapsed, They Pleaded With Feds To Let Them Fudge Their Books
The Huffington Post | Full News Feed — Before financial institutions have collapsed over the past several months, they have come to the Financial Accounting Standards Board, pleading for a change in mark-to-market accounting rules so that they can continue to appear to be solvent on their balance sheets. Robert Herz, head of the FASB, told a panel of lawmakers Thursday that the loudest critics of fair market accounting practices have been the very same banks that have gone belly up when regulators would not let them adjust their accounting. "There seems to be a clamoring for changing mark-to-market rules that seems to come largely from institutions that may be insolvent," Rep. Alan Grayson (D-Fla.) ...

Rep. Alan Grayson: On Goldman Sachs Ditching December
Politics on HuffingtonPost.com — I heard an interesting anecdote at a Financial Services Committee hearing last month (see the video below). Robert Herz of the Financial Accounting Standards Board (FASB) said that financial services companies about to go bankrupt sometimes demanded a change in accounting rules about two weeks before they went under. A bank being forced to admit it is broke is not pleasant, but it is necessary, because no private actor will lend to a bank whose financial situation is obscured or hidden. Unfortunately, FASB recently changed accounting rules to allow financial institutions to value securities on their books ...