No Confidence in the Financial Statements

That's what Charles Bowsher said about the financial statements of financial companies. Who is Charles Bowsher and why should we pay attention? He was Chairman of the Federal Home Loan Bank's Office of Finance and former head of the GAO. He thinks the companies have too much discretion in valuing securities. Since Mr. Bowsher is 77 and is probably not looking for another job, we should listen to him.