IF YOU THOUGHT 157 CHANGED THINGS, TAKE LOOK AT 140

A year and a half ago the Financial Accounting Standard Board, FASB, announced a new regulation, FAS 157, requiring companies to use more stringent mark-to-market appraisals for their portfolios. That opened the gates for all those mega-billion dollar charges that are continuing into this quarter. The charges have resulted in the Financial sector reporting negative earnings for the past four quarters, with this one very much in doubt for turning positive.

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