The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: SteveinTX who wrote (138183)	7/31/2008 8:26:36 PM
From: ChanceIs	Read Replies (1) of 306849

>>>The Board (FASB) has perceived responsibility but zero practical authority.<<< I just wanted to post to confirm that that is the case. I made a study of that a short while ago. FASB is an industry sponsored advisory entity. The SEC probably does 90% of what FASB asks. SEC probably doesn't move w/o asking FASB first. When push comes to shove, SEC has all of the authority and FASB has none. It sounds as if the SEC has already bought in to the new FASB accounting treatment. You can be sure that Paulson called up the SEC and told them to delay the implementation and to not bother consulting FASB first.

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