JPM: Beats, But.....

"The problem with the "Fraud As a Standard Board" (FASB) is that they folded like a cheap suit when accosted by Congress in 2009 instead of doing their job and telling Kanjorski-the-clown and the rest to stick it, forcing them to impose their intended fraud by legislation where everyone could see it front-and-center. Nothing has materially changed since then, which means we don't have actual results - any more than we did before. And there are new allegations, as I reported on Wednesday, that banks are playing "funny money" games with alleged "earnings" on imputed interest (and probably fees) on non-performing mortgages."