By Edith Orenstein, FEI Financial Reporting Blog - On a day which started with newspapers shouting “Market’s Fall Deepens as Concerns Mount on Banks”
(WSJ) and ”Stocks Drop Sharply and Credit Markets Seize Up”
(NYT), and ended with “Stocks Soar on News of Choice for Treasury”
– on the reported pick of current NY Fed President & CEO (and former Treasury Undersecretary for International Affairs) Timothy F. Geithner
to be named Secretary of the Treasury in the Obama administration (an appointment reportedly expected to be announced on Monday) - the SEC conducted the second in a series of roundtables
on the impact of mark-to-market (MTM) accounting on banks.
In related news, fair value accounting was the focus of a breakfast panel at FEI’s Current Financial Reporting Issues conference last week, entitled: Current Financial Controversies: Legal and Auditing Perspectives.
Read more about the above panels/roundtables here.