Hank Paulson Backs FAS 157

Hank Paulson this morning expressed support for FAS 157, the controversial accounting rule that requires institutions to mark their securities to market. “I believe in fair value accounting,” the Treasury Secretary said during a speech at the New York Public Library “I think it’s hard to run a financial institution if you don’t have the discipline which requires you to mark securities to market.”

Apparently Paulson hasn’t taken the private equity market pleadings to heart. Here’s the video: [lasso=870de443-14b5-4e64-b0c0-00dc7fd6e326 home=true]