Financial Accounting Standards Board (FASB) chairman Robert Herz reminded everyone that it put out a ‘reminder’ in December 2005 warning about the risks of subprime mortgage backed assets.  Okay, you really have to wonder if anyone actually took this seriously or read the memo.  Clearly FASB did not see the true extent of the problem and if they did, why were they simply putting out a 6-page ‘unusual reminder.’  Still, maybe the CFOs, investors, banks, foreign governments all should begin paying more attention to the origanization that builds so-called generally accepted accounting principles.