Depends on what you think of mark-to-market accounting. Apparently, even in the face of the turning tides, mark-to-market was saved.
The recently departed top accountant for the U.S. Securities and Exchange Commission said on Wednesday he refused to suspend mark-to-market accounting rules last year despite intense political pressure.
Mark-to-market, or fair value, accounting rules require financial companies to value assets based on what they could fetch in a current market transaction. Some bankers and investors have blamed new accounting rules requiring broader use of the standard for exacerbating the financial crisis, saying banks were forced to mark down assets to artificially low prices.
Wonder why he "departed."
Ex-SEC accounting chief refused to nix fair value [Reuters]