Look for another rosy round of profits when banks turn in their numbers for the second quarter ending in June when it will be legal for them to improve their balance sheets by shifting losses into the future, thanks to new accounting rules passed by a one-vote margin by the Financial Accounting Standards Board (FASB).
It's just one in a series of changes made to accounting rules that allow banks to shift or ignore losses or pretend that liabilities aren't liabilities....
]]>