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From "Deloitte CEO: Mark-To-Market Not to Blame For Crisis"
Dow Jones Newswires (Subscription required for full article)
January 30, 2009
Deloitte Touche Tohmatsu chief executive James Quigley, a former CAQ governing board member, told Dow Jones that "mark-to-market accounting did not create the current economic turmoil." Rather, it was the result of unscrupulous business decisions. In an interview at the World Economic Forum in Davos, Quigley said, "There continues to be some controversy related to mark-to-market accounting and some are suggesting that it is contributing to the economic turmoil. The point I want to make is that the issues we are working through are economic issues and not accounting ones." He added, "It's not the investors that are suggesting that we need to find a way to suspend or put on hold mark-to-market accounting. It's the management of the (troubled) financial institutions and some political leaders because they don't want to continue to provide capital to these institutions."
