Freddie CFO lays into mark-to-market mania, defends balance sheet

Freddie Mac’s chief financial officer Buddy Piszel this week defended the firm’s accounting policies and brushed aside concerns that it was harbouring tens of billions of dollars of losses on its portfolio of subprime securities.

  • 22 May 2008

Piszel said accounting regulators had to end their obsession with mark-to-market rules and ease the regime, at least for some institutions.

"A model in which accounting would follow the business model and follow the way the business is operated — with flexibility versus draconian outcomes — would make a ...

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