{"id":5422,"date":"2010-05-05T13:43:45","date_gmt":"2010-05-05T18:43:45","guid":{"rendered":"http:\/\/blogs-devl.bu.edu\/bunow\/?p=5422"},"modified":"2011-01-20T14:31:06","modified_gmt":"2011-01-20T19:31:06","slug":"crisis-panel-probes-bank-window-dressing","status":"publish","type":"post","link":"https:\/\/blogs-devl.bu.edu\/bunow\/2010\/05\/05\/crisis-panel-probes-bank-window-dressing\/","title":{"rendered":"Crisis panel probes bank &#8220;window dressing&#8221;"},"content":{"rendered":"<p><img class=\"alignright size-full wp-image-5423\" src=\"http:\/\/blogs-devl.bu.edu\/bunow\/files\/2010\/05\/Financial-Crisis-Inquiry-Comission.bmp\" alt=\"Financial Crisis Inquiry Comission\" \/>The <a href=\"http:\/\/fcic.gov\/\">Financial Crisis Inquiry Commission<\/a>, which is looking into the causes for the 2008 economic crash, today <a title=\"questioned\" href=\"http:\/\/www.reuters.com\/article\/idUSTRE64420N20100505\" target=\"_blank\">questioned<\/a> former executives from the investment bank Bear Stearns (sold to<a href=\"http:\/\/www.jpmorgansecurities.com\/\"> J.P. Morgan <\/a>in a firesale after a run on the bank) and explored the open-secret of how Wall Street banks legally\u00a0<a title=\"fudged\" href=\"http:\/\/www.nytimes.com\/2010\/05\/05\/business\/05repo.html?dbk\" target=\"_blank\">fudged<\/a> their quarterly books to dress up their financial statements.\u00a0 <a href=\"http:\/\/www.bu.edu\/law\">Law<\/a> Professor <a title=\"Cornelius Hurley\" href=\"http:\/\/www.bu.edu\/law\/faculty\/profiles\/bios\/banking\/hurley.html\" target=\"_blank\">Cornelius Hurley<\/a>, a former counsel to the <a href=\"http:\/\/www.federalreserve.gov\/\">Federal Reserve Board of Governors<\/a> and now director of the <a title=\"Morin Center for Banking and Financial Law\" href=\"http:\/\/www.bu.edu\/law\/morincenter\/\" target=\"_blank\">Morin Center for Banking and Financial Law<\/a>, says that to deal with such &#8220;window dressing&#8221; it is time to consider borrowing a principle from tax law.<\/p>\n<p><em>&#8220;Namely, if a pattern of financial and accounting maneuvers has no \u2018economic substance\u2019 other than to misstate the firm\u2019s financial condition, it should be per se securities fraud.\u201d<\/em><\/p>\n<p>Contact Cornelius Hurley, 617-353-5427, <a href=\"mailto:ckhurley@bu.edu\">ckhurley@bu.edu<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Crisis Inquiry Commission, which is looking into the causes for the 2008 economic crash, today questioned former executives from the investment bank Bear Stearns (sold to J.P. Morgan in a firesale after a run on the bank) and explored the open-secret of how Wall Street banks legally\u00a0fudged their quarterly books to dress up [&hellip;]<\/p>\n","protected":false},"author":114,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4491],"tags":[2767,1918,2869,2868,2641,2769,2768,2665,1246],"_links":{"self":[{"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/posts\/5422"}],"collection":[{"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/users\/114"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/comments?post=5422"}],"version-history":[{"count":7,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/posts\/5422\/revisions"}],"predecessor-version":[{"id":7758,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/posts\/5422\/revisions\/7758"}],"wp:attachment":[{"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/media?parent=5422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/categories?post=5422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/tags?post=5422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}