{"id":3129,"date":"2009-04-07t15:10:09","date_gmt":"2009-04-07t20:10:09","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=3129"},"modified":"2015-10-23t02:48:24","modified_gmt":"2015-10-23t06:48:24","slug":"goldman-chief-blames-the-banksters","status":"publish","type":"post","link":"\/\/www.g005e.com\/2009\/04\/07\/goldman-chief-blames-the-banksters\/","title":{"rendered":"goldman chief blames the banksters"},"content":{"rendered":"

blankfein says mark-to-market rule not to blame.<\/strong><\/p>\n

lloyd blankfein, chairman and chief executive of goldman sachs group inc.<\/a>, delivered a speech tuesday to the council of institutional investors’ spring meeting in washington. the whole speech is worth a read, but accountants will zero in on this passage:<\/p>\n

financial institutions didn’t account for asset values accurately enough. i’ve heard some argue that fair value accounting — which assigns current values to financial assets and liabilities — is one of the major reasons for exacerbating the credit crisis. i see it differently. if more institutions had properly valued their positions and commitments at the outset, they would have been in a much better position to reduce their exposures.<\/em><\/p>\n

full text here<\/a>.<\/p>\n

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