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Uploaded on Mar 13, 2009
Congressman Alan Grayson discusses a change in accounting rules demanded by the banks that caused this mess. Robert Herz of FASB actually talks about how insolvent banks, two weeks before they go bankrupt, call up and request accounting changes. The witnesses for this hearing were:
Mr. James Kroeker, Acting Chief Accountant, U.S. Securities and Exchange Commission Mr. Robert Herz, Chairman, Financial Accounting Standards Board Mr. Kevin Bailey, Deputy Comptroller for Regulatory Policy, Office of the Comptroller of the Currency