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The Rule That Reduced Banks to a Quivering Blob of Matter

Andrew Ross Sorkin's article about Steve Schwarzman and FAS 157 is the gift that keeps on giving. First Barry Ritholtz took a swipe, then Jack Ciesielski attacked it forensically from a professional accountant's point of view, and now Gari has taken the rabid I'm-not-an-accountant approach, which might not be as clean as Roger Ehrenberg's considered essay but is certainly more fun:

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