"...the Financial Accounting Standards Board, the obscure nonprofit that sets bookkeeping rules for U.S. companies"Obscure? The FASB (yes, it's well-known enough to have an acronym) has been setting U.S. accounting standards since 1973. As for the "controversial change" of recording assets at fair value, the banks seemed to have had no problem with this when the assets were increasing in price. Now they are against it because the value of their loans are falling and will have to show losses? All the FASB is concerned with is presenting a more accurate picture of the economic performance of the banks. Investors benefit from this and the market benefits from this. The banks are concerned with nothing but window-dressing. It's thinking like that that led to the housing bubble. It's better to recognize the losses as they occur over time rather than waiting until the bubble bursts.