BAILOUT SCAM! —–> AUTHORITY TO SUSPEND MARK-TO-MARKET ACCOUNTING
FASB 157 (disclosure of Level 3 assets) never got implemented, and now its being suspended. Don’t expect daylight to shine on the bank’s balance sheets any time soon.
SEC. 132. AUTHORITY TO SUSPEND MARK-TO-MARKET ACCOUNTING.
(a) AUTHORITY.—The Securities and Exchange Commission shall have the authority under the securities laws (as such term is defined in section 3(a)(47) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(47)) to suspend, by rule, regulation, or order, the application of Statement Number 157 of the Financial Accounting Standards Board for any issuer (as such term is defined in section 3(a)(8) of such Act) or with respect to any class or category of transaction if the Commission determines that is necessary or appropriate in the public interest and is consistent with the protection of investors.