Mark-to-market accounting 'a major cause' of the crisis

Corporate Governance

WASHINGTON, DC - A bitter fight has emerged over the future of mark-to-market accounting since it, along with derivatives, has been vilified by politicians and regulators as one of the causes of the global financial crisis.

"Mark-to-market accounting has been extremely and needlessly destructive of bank capital in the past year, and is a major cause of the current credit crisis and economic downturn," said William Isaac, former chief of the Federal Deposit Insurance Corporation, in prepared

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