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Readings: Cooking books, PSU lending, BSE resignatons

Posted on June 20, 2008

Bloomberg: Fed s Bear Stearns Books Look Prime for CookingThe Fed doesn t follow normal accounting rules, as promulgated by any of the major standard-setting boards. Rather, the Fed writes its own, in a document called the Financial Accounting Manual for Federal Reserve Banks. If you ever wanted to design an accounting regime to help a bank cook its books, the Fed s would be perfect.If the Fed were a normal bank, it probably would have to put the Delaware special-purpose entity s assets and liabilities on its own balance sheet, under the Financial Accounting Standards Board...

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