So yesterday we noted that Financial Crisis Advisory Group (FCAG) weren’t blaming accounting standards for the economic crisis. Well, fans of mark to market will be please to see that they don’t blame that either. They apparently believe that MTM may have actually understated some of the losses suffered by banks and “did not contribute to the pro-cyclical nature of the economic system.”

According to Dealbreaker FCAG also think that:

public flogging of accounting rule wonks for the purposes of shameless political grandstanding doesn’t really help matters, “We have become increasingly concerned about the excessive pressure placed on the two boards to make rapid, piecemeal, uncoordinated and prescribed changes to standards, outside of their normal due process procedures”.

And for an unusual view: