FASB chief Herz plans to step down next month

08/25/2010 | CNNMoney/Fortune

Robert Herz, chairman of the Financial Accounting Standards Board, will leave next month. He headed the U.S. board when it pushed for financial disclosure to give investors better information on the condition of banks, then caved to political pressure and backed away from the position, according to Fortune. The incident brought the board's independence into question and severely damaged its credibility.

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