Article: Blame 'bean counters' for big banks' distress? Financier criticizes accounting rule

Andrew Ross Sorkin The New York Times Media Group
International Herald Tribune
07-02-2008
Blame 'bean counters' for big banks' distress? Financier criticizes accounting rule
Byline: Andrew Ross Sorkin The New York Times Media Group
Edition: 1
Section: FINANCE/BUSINESS

Some blame the rapacious lenders. Others point to the deadbeat borrowers. But Stephen Schwarzman sees another set of culprits behind all the pain in the financial industry: the accountants.

That's right, the "bean counters."
A new accounting rule - "an accounting rule!" - partly explains why the American financial system looks so wobbly these days, he says.

Schwarzman, the co-founder of the private-equity giant Blackstone ...

Related newspaper, magazine, and journal articles:

Newsweek Harper's Magazine The Washington Post Chicago Tribune Crain's Chicago Business PRNewswire Pediatric News The Nation Advertising Age The Economist (US) A FREE trial gives you access to over 80 million articles! Access over 6,500 publications with a FREE trial!