The Financial Accounting Standards Board, which sets U.S. accounting rules, yesterday proposed allowing banks to significantly reduce the use of market values in their financial statements, according to The New York Times. The change would give banks more latitude to value financial assets based on their own estimates, the newspaper noted. It would also eliminate the existing situation which results in banks' profits increasing when their credit deteriorates, and vice versa, the newspaper added.
America has no tolerance for wealthy people griping about their financial woes. But they have concerns too.