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SFAS 157 and banking crisis
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SFAS 157 and banking crisis
SFAS 157
There has been much criticism of SFAS 157, Fair Value Measurement or Mark-to-Market rule. Many have seen this one accounting rule to be at the heart of the banking failure and economic crises. Martin Sullivan, former CEO of AIG, testified before Congress that is was SFAS 157 that created the tens of billions of dollars in paper losses for AIG. This, he surmised, was what led to the organization's financial crisis and the AIG bailout by the U.S. Treasury (qtd. Jinnett). However, others feel differently.
There are defenders of SFAS 157 who insist the financial market needs the transparency that was created by SFAS 157. These supporters further believe that if this rule were to be suspended, further financial instability would ensue. A legislative overturning of SFAS 157, according to Financial Accounting Foundation Chairman Robert Denham, would undermine investor confidence (qtd. Jinnett). I believe that SFAS 157 has little to do with the banking crises.
Instead, the banking crises is the result of one primary cause an overextension of credit. This overextension of credit is seen in every facet of the American economy. Individuals have become overextended. Under the false impression that everyone in America needs to
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