Lately, it seems like the concepts of fair value measurement and mark-to-market accounting have been taking a lot of blame in the hand-wringing over what is causing the fallout in the credit and mortgage securities markets.

Last month insurance giant American International Group and its CEO Martin Sullivan urged regulators to rethink the mark-to-market rules that force companies into showing losses on assets even when they have no intention of selling them at money-losing prices.

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