Excerpt from RMA Group to Study Fair-Value Model
By Todd Davenport
The Risk Management Association said it is establishing a working group on fair-value accounting that will offer "solutions for the accounting profession."
Kevin Blakely, the trade group's chief executive, wrote in a letter Friday to its large-bank members that the accounting process has played "no small part" in the market's inability to find a price floor for the assets at the center of the subprime mortgage crisis — which so far has resulted in over $150 billion of writedowns.
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