Fasb accounting rule angers banks
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US investment banks are up in arms over a new accounting rule that would change the way banks and insurance companies account for losses on fixed-income portfolios. The new rule would force portfolio managers to write down their earnings to take into account portfolio losses, unless they can prove that they can and will hold onto underperforming securities until they recover.
At least 235 financial institutions have written to the Financial Accounting Standards Board (Fasb), the US accounting
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