US reforms slammed for ducking fair value controversy

US Treasury secretary Tim Geithner has been slammed for failing to tackle
fair value accounting as part of his recovert plans.

One of the real failures of Geithner’s plan was to fail to address this fair
value issue,’ said Alex Pollock, a resident fellow at the Washington-based
American Enterprise Institute who is a vocal critic of mark-to-market rules. ‘A
comprehensive plan would have to fix fair value accounting.’

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