Excerpt from Mark to Meltdown?
By Holman W. Jenkins, Jr.
No task is more thankless than to write about accounting for a family newspaper, yet it must be shared with the public that "mark to market," an accounting and regulatory innovation of the early 1990s, has proved another of Washington's fabulous failures -- that is, if the goal were curing market uncertainty through "improved" accounting practices. The atmospherics around the big subprime write-downs currently roiling Wall Street tell the story.
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