When accounting goes unaccounted for
“If we can’t get converged (on financial instruments), it would suggest the convergence effort is going to be challenged and questioned on a significant basis.”
~ FASB member Tom Linsmeier levels with everyone on the FASB’s big test in the convergence process this fall.
“I believe the manner in which the Firm is reporting these assets is potentially misleading to the public and various governmental agencies.”
~ Matthew Lee, former Lehman Brothers Senior VP in charge of consolidated and unconsolidated balance sheets, in a letter to certain LEH executives. He was fired.
“I think what we’ve learned is that it’s always better to control your destiny when […]
“It’s amazing to me how difficult it is to work together around here, even when we want to.”
~ Orrin Hatch (R-UT), referring to how the U.S. Senate managed to drag out the passing of the small-business bill.