Regarding "FASB Mark-to-Market Plan Could Have Seismic Impact" [May 27], Where were the accountants when the balance sheets of AIG, Bear Stearns, Lehman Brothers, Citigroup, RBS, Barclays, Fannie Mae and Freddie Mac were being loaded down with toxic instruments?
These catastrophic accounting failures should by themselves be sufficient justification to turn the accounting profession out onto the streets.
Now they propose new accounting standards that will mark the end of community banking as we know it, bring on a new era of securitization and with it a new round of structured instruments designed to get around the new accounting rules.
The FASB should be disbanded, then tarred, feathered and placed in stocks in front of the Bear Stearns building.
John Hamilton, CEO
Charles River Bank