Via Going Concern: Yes, Virginia, There is a Functioning Financial System
Straight from GC:
Over the weekend, I covered an obscure financial reform proposal that may mean taking away final responsibility of accounting standard-setting from FASB and creating a sort of “emergency” switch for use solely in situations of undue financial stress. This type of “escape hatch” might be familiar; the practical application of the Fed’s 13(3) rule left the door wide open for Bear Stearns and AIG.
In regards to Meet the FASB Override Button, I received a note from reader Ron with the simple rhetorical question:
Do you think a system this corrupt can survive in its present form?
He even gave me an out, qualifying the email with “No need to reply.”
Well thanks, Ron, but how in the hell am I supposed to ignore a loaded question like that?
If you want my depressing (yet somewhat hopeful) answer, you'll have to head to Going Concern.