The Wall Street Establishment like JP Morgan's Jamie Dimon think that they are above the SEC's and the FASB's accounting pronouncements. Dimon very recently proclaimed that all of JP Morgan's loans to and investments in the very troubled Oil & Gas industry are sound because the US Government SEC as well as the FASB's accounting pronouncements on Oil & Gas Asset Impairments are wrong.
When the US capitalistic system lets the Wall Street Financial Tycoons trump the accounting standard-setting FASB and SEC, it is in serious trouble.
Both Bill and Hillary Clinton and powerful Democratic US New York Senator Chuck Schumer have all received a substantial amount of campaign money from JP Morgan employees and other Wall Street Tycoons like Jamie Dimon. And the Clintons have received $125 million in speaking fees since 2007, much of it from Wall Street Tycoons. Do you think they will question Jamie Dimon's attack on the FASB and on the SEC?
Any accountant worth his/her salt knows that many of the Wall Street Adjustments made by Wall Street to artificially inflate a Company's US GAAP Earnings to Adjusted Non-GAAP Earnings, which are used by Wall Street to value common stocks, have no intellectual merit. Just sayin.