Rules Matter. If the NFL changes its rules of play, does that not have an effect on the game? So, why would a rule change by the FASB or the SEC or a law by Congress not have the same game changing effect? When the FASB said that illiquid and opaque assets should be valued at their last sale (or whatever...
commentary from this week's "Sectors and Styles Strategy Report : “Of all the newfangled financial creations that have caused problems this past year, arguably the most nerve-wracking are derivatives traded over-the-counter…” Economist August 8, 2008 And the beat goes on....