I find it scary that the FASB decided late last week to delay until November
2009 a rule change to revamp two accounting standards known as FAS 140 and FIN
46R, that would eliminate a concept known as the "qualifying special-purpose
entity," or QSPE, that banks use to keep assets like mortgage-backed securities
and special investment vehicles OFF THEIR BALANCE SHEETS.

I think what you have to impute that it means that the FASB were persuaded that
if they did not delay the rule change, a lot of notable financial institutions
would go under when their off-balance nonsense went on their balanace sheets.

Be careful out there. There are a lot of sick banks pretending that things are
not so bad.