FASB let big banks make up their numbers. Expected results followed

Under huge pressure from Obama, Geithner, and banksters, FASB passed the mark-to-fantasy rule, which only applies to big banks. No longer are they bothered with having to determine what their toxic slop is actually worth. Instead, thanks to a friendly federal government, they can just make it up.

This sort of accounting fuckery would never be tolerated in a nation where investors mattered more than insiders and bankers. Instead, it rewards the incompetent and allows near insolvent banks to pretend they are solvent, thereby allowing the granting of huge bonuses.