SIGN IN to access Harper’s Magazine
1. Sign in to Customer Care using your account number or postal address.
2. Select Email/Password Information.
3. Enter your new information and click on Save My Changes.
Subscribers can find additional help here. Not a subscriber? Subscribe today!
This is an important story from Investors Business Daily:
Accounting rule-makers on Thursday did all they could to make the nation’s credit nightmare go away — or at least go back into the closet — sending stocks higher. The Financial Accounting Standards Board, under heavy pressure from politicians and financial firms, will let companies use “significant” judgment in valuing some assets, notably mortgage securities, rather than relying on current illiquid market prices.
FASB OK’d changes that will also boost capital on battered bank balance sheets. Big U.S. banks are expected to get a Q1 earnings lift of 20% or more from the new rules.
Do I see a bubble forming? This looks like the same bogus accounting garbage that helped create the current disaster.
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Estimated cost of the environmental damage caused each year by the world’s 3,000 largest companies:
Two thirds of U.S. teenagers experience uncontrollable rage.
Beekeepers began extracting 1 million honeybees living beneath the siding of a house in New York State.
Subscribe to the Weekly Review newsletter. Don’t worry, we won’t sell your email address!
“Shelby is waiting for something. He himself does not know what it is. When it comes he will either go back into the world from which he came, or sink out of sight in the morass of alcoholism or despair that has engulfed other vagrants.”