Excerpt:

"Former FDIC Chief: Fair Value Caused the Crisis
Things were fine before the accounting standards-setters barged in and "destroyed hundreds of billions of dollars of capital," he contends.
David M. Katz, CFO.com | US
October 29, 2008
In perhaps the most sweeping indictment of fair-value accounting to date, the chairman of the Federal Deposit Insurance Corporation during the 1980s savings-and-loan debacle told the Securities and Exchange Commission today that mark-to-market accounting rules caused the current financial meltdown..."