When the Securities and Exchange Commission, backed by a clutch of academics and washington Beltway "bankophobes" tried to ram through mark-to-market accounting two or three years ago, many breathed a sight of relief when the industry came away with the hodgepodge compromise we live with today: the three separate investment categories "held to maturity," "held for sale," and "trading account."

They christened it FAS 115.

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