FAS 157 and the Financial Crisis

William Isaac, FDIC chairman from 1978 to 1985 and now the chairman of a consulting firm that advises banks...rhetorically asked the participants [at a recent SEC panel on mark-to-market accounting] how the financial system could have come upon such hard times in under two years. "I gotta tell you that I can't come up with any other answer than that the accounting system is destroying too much capital, and therefore diminishing bank lending capacity by some $5 trillion," he asserted. "It's due to the accounting system, and I can't come up with any other explanation."

Fascinating article

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