Daily News Channel
To fix the banks, Washington needs to get toxic assets off their balance sheets. That’s easily said but not so easily done. One reason is an obscure accounting rule that is the subject of intense lobbying by representatives of the banking industry ahead of congressional hearings on Thursday on the matter
The advocates for nationalizing U.S. banks have been out in force recently. Senator Lindsay Graham, who almost certainly does not have a PhD in economics or finance told ABC News that banks were in such deep trouble that government ownership of the institutions may be the only way to save the financial system