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Transcript: Firms Blame Financial Woes On Accounting Rule
- Article from:
- NPR Morning Edition
- Article date:
- October 29, 2008
- Author:
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STEVE INSKEEP
NPR Morning Edition
10-29-2008
Firms Blame Financial Woes On Accounting Rule
Host: STEVE INSKEEP
Time 11:00 AM-12:00 PM
Play Audio
STEVE INSKEEP, host:
Some banks say they're healthier than they seem. Banks and other financial firms are releasing quarterly financial statements this month, and they're making big news. Last week, for example, Wachovia announced a quarterly loss of nearly $24 billion, which helps explain why it's being taken over by Wells Fargo. However, many banks say things are not as bad as the numbers suggest, and they contend that a bookkeeping rule is to blame. The so-called mark-to-market rule is now under review, as NPR's David Kestenbaum reports.
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