Moulton slams role of 'irresponsible reporting' in economic crisis

Accountants are partly to blame for the current economic crisis because of the "irresponsibility" of their reporting, according to Alchemy Partners chief Jon Moulton. John Stokdyk reports

"Almost nobody can read a set of financial records about an entity," he said.

The accounting principle of mark to market is not to blame in itself, he added, "But investments in vehicles of such complexity and absurdity that no one can understand them.

Continued...