For the record, neither I nor anyone else on CFO's staff wrote this phony blog, ostensibly by Blackstone's Stephen Schwarzman, called Why FAS 157 is Worse than Al Qaeda.
But we did laugh ourselves silly over it.
The ersatz-Schwarzman's take on FASB? "They are among the most useless people on the planet and they are standing in the way of patriotic American commerce. Imagine the lamest Star Trek-watching nerds hell-bent on punishing the successful and cool kids with their nitpicky rules." (Hmm. Maybe he did really write this.)
Be sure to check out "Schwarzman's" proposed "SAS 69" solution, too.
We stumbled upon this blog by accident during a Google search for our own coverage of yesterday's fair value roundtable at the SEC, but we're more than a little amazed that anything beginning with "FAS. . ." is getting such play.
Not only is the New York Times all over the topic, but the Times article even included this improbable (but real) video of JPMorgan's Jamie Dimon discussing FAS 157 with Charlie Rose.
My goodness, how long before Oprah starts discussing her personal struggle with FIN 48 recognition thresholds?
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