Date of Award


Document Type




First Reader

Dr. Phil Rice

Second Reader

Dr. Marshall Horton

Third Reader

Dr. Randall Wight


This paper analyzes the financial crisis of 2008 and the resulting government intervention of the Troubled Asset Relief Program, or more generally called "the bailout." Beginning with historical context of past interventions, it sets forth an understanding of the economic environment of 2008. After explaining the mechanics of the financial crisis, it proposes that the reinsurance products underlying the financial markets in 2008 were based on unsound accounting and risk management principles. Based on this proposition, the representational faithfulness and fairness of mark-to-market accounting principles are examined. The paper concludes that a short-term financial focus is largely to blame for the crisis, while the government bailout intervention itself was helpful in re-mediating the adverse situation.


This paper represents the intellectual property of Reuben Cash. All rights reserved.



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