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23 Jun 2008
David Bonderman, the private equity billionaire has panned fair value accounting standards.
The buyout veteran called the accounting policies 'absurd and destabilising,' in an interview with the Financial Times.
Bonderman's made the criticism because of the effects that the fair value had on the worth of the debt of his companies in the current volatile financial climate.
Under the accounting standards, Bonderman criticised the fact that debt holders would appear to get less money back than they originally invested as values are adjusted to reflect current market prices.
'The accounting policies are absurd and destabilising,' said Bonderman.
After criticisms from stakeholders, the SEC recently said that it is to hold a round table on fair value accounting which will take place on 9 July.
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Briefings
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