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October 1, 2008

All Business: Fair-market accounting rules good for investors

  • CEOs have spent the last year trying to blame mark to market accounting for causing this mess, instead of admitting it was their own risk-taking and poor decisions.
    AP Business Writer

    NEW YORK — How can lawmakers make the financial crisis disappear — without a $700 billion taxpayer bailout and all those pesky political ramifications?

    Suspend accounting rules that are forcing financial firms to give a fair-market value to their assets even when there's not a buyer in sight. That's one idea being considered to rescue the bailout bill that lawmakers defeated Monday.

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