Mark to Market: Other Big Financial News

FASBE, the rule-making body for the accounting industry (think of it as the lawyers' bar, except for CPAs), has bowed to political pressure and approved "more flexibility," i.e., more generosity, in the valuing of legacy, i.e., toxic, assets. The bottom line? Better-looking bottom lines for banks and other financial institutions. But is this just institutionalizing the kind of willy-nilly analysis that was the problem way back with Enron, and during the current crisis on Wall Street? Or, is it a necessary evil to grease the gears of the U.S. and world economies? I'll try to get some answers from leading accounting firms later at the Business Journal's website: sfvbj.com. (Maybe accounting is not such a bad beat for this reporter after all). Meantime, here's Reuters U.K.'s take on the so-called mark to market issue: http://uk.reuters.com/article/regulatoryNewsFinancialServicesAndRealEstate/idUKN0226528020090402