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Article: Blame 'bean counters' for big banks' distress? Financier criticizes accounting rule
- Article from:
- International Herald Tribune
- Article date:
- July 2, 2008
- Author:
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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 ...
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