Mark to Market Fraud

David Lindorff writes here about the change in accounting rules that are allowing banks to revalue their assets upward. It is very helpful in understanding what this is about and how it happened. The chicanery never ends, it seems. Tidbit:

The accounting profession might seem like the last place that you’d find serious political hanky-panky going on, and it’s probably not on very many people’s A-list of fun subjects to read about, but the Financial Accounting Standards Board, a quasi-governmental body that has statutory authority to regulate and establish the rules by which public companies, including banks, do their books, has just caved in to pressure from those banks and from the large number of members of Congress who pocket huge piles of campaign swag and perks from those banks and other public companies, and gravely undermined the integrity of corporate balance sheets.