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Mitch McConnell Has Given Up on President Obama

Mr. McConnell said he concluded after the latest negotiations that the administration had “expressed a fundamental unwillingness” to agree to significant spending cuts.

“But after years of discussions and months of negotiations, I have little question that as long as this president is in the Oval Office, a real solution is unattainable,” Mr. McConnell said in a Senate floor speech. [WSJ]

Leslie Seidman Is No Longer Acting Chairman of the FASB

She’s officially the boss for reals.

From the FAF:

The Board of Trustees of the Financial Accounting Foundation (FAF) today named Leslie F. Seidman chairman of the Financial Accounting Standards Board (FASB), effective immediately. Ms. Seidman has served as the acting FASB chairman since the retirement of Robert H. Herz on September 30, 2010.

“Our Board of Trustees is thrilled that Leslie Seidman has agreed to accept the position as Chairman of the FASB. She brings both unparalleled standard-setting experience and outstanding leadership skills to her new role,” said FAF Chairman John J. Brennan. “As the FASB continues its efforts to address the many significant accounting and financial reporting issues both here in the U.S. and globally, Leslie’s depth of experience with international and domestic financial reporting issues will enhance our progress toward meeting the needs of all of our varied constituents. On behalf of the FAF Trustees, we are delighted that she will be leading the FASB’s efforts to tackle these many challenges for the betterment of capital markets participants both here and abroad.”

How does Les feel about being the new punching bag of the anti-IFRS contingent, House Financial Services Committee, the American Bankers Association and countless letters and emails of ridicule? Pretty good, actch:

“I am honored to be leading the FASB at such a pivotal time in our history,” said Ms. Seidman. “The FASB remains committed to developing standards that will provide investors and other capital providers with decision-useful information. We are at a crucial point in our convergence program, and my fellow Board members and I are working in close partnership with the IASB to improve the comparability of financial information around the world. We want our standards to enhance communication and confidence in financial reports, and we will continue to seek new ways to keep our stakeholders informed and engaged in the standard-setting process.”

It’s just accounting rules after all, how bad could it be?