BACK IN 1998, as the subprime-lending industry imploded, critics blasted the loose rules that allowed profits to be booked under “gain-on-sale” accounting-the financial world’s equivalent of crack cocaine. While the rules got a few patches, they stayed largely intact, and most investors forgot the whole mess.
Nine years later, the subprime world is imploding again. One difference now: The folks who write U.S. accounting standards say they want to redo the rules, insisting that their desire predates the current debacle. Whatever the impetus, it’s about time.
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