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- Title
Financial Meltdown.
- Authors
Reed, Randy M.; Pence, Diana K.
- Abstract
The meltdown of the banking industry in 2007 and 2008 caused 11 of the largest financial institutions in the United States to alter their manner of conducting business. While some of these companies declared bankruptcy or merged with more successful institutions, others changed from investment banks to bank holding companies. The surviving companies received bailout loans from the government and quickly reversed their financial situations. SFAS 157 was blamed for much of this financial crisis. As a result, Congress put pressure on the Financial Accounting Standards Board to change or suspend this financial standard. This paper describes the background of the banking crisis and examines the role of SFAS 157 in the subsequent meltdown. The paper concludes with a critique of FSP FAS 157-3.
- Subjects
UNITED States; BANKING industry; FINANCIAL institutions; BANK failure laws; BANKRUPTCY claims; FINANCIAL Accounting Standards Board; AUDITING standards; BANK mergers; BANK holding companies; INVESTMENT banking
- Publication
International Journal of Global Management Studies Quarterly, 2009, Vol 1, Issue 2, p31
- ISSN
1945-385X
- Publication type
Article