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Blighted Ledgers: Farm Credit System Relies on Accounting That Hides Bad Loans --- But the Truth Might Rattle Investors Who Fund It; They Cite 'Hassle Factor' --- The Cost of Weak Credibility
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Blighted Ledgers: Farm Credit System Relies on Accounting That Hides Bad Loans --- But the Truth Might Rattle Investors Who Fund It; They Cite 'Hassle Factor' --- The Cost of Weak Credibility
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Newspaper Article
Blighted Ledgers: Farm Credit System Relies on Accounting That Hides Bad Loans --- But the Truth Might Rattle Investors Who Fund It; They Cite 'Hassle Factor' --- The Cost of Weak Credibility
1985
Overview
For years, the Federal Farm Credit System has played by a set of home-brewed accounting standards that have masked bad lending and lax regulation. Loosely interpreted and poorly understood by some of the system's own officials, the rules have kept alive loans that accountants and commercial-bank regulators say other lenders would have been forced to give up as hopeless. They appear to have left the system with hundreds of millions of dollars of still-unrecognized losses and only a hazy notion of where its finances really stand. In calmer times, the system's tangled bookkeeping would be little more than grist for esoteric debates among accountants, and the mess could be straightened out with gradual tinkering. But the farm economy's collapse has suddenly turned subtle accounting anomalies into the difference between modest losses and catastrophic ones. Even though the Farm Credit System has asked for a federal bailout of its $74 billion loan portfolio, many accountants and bankers doubt that the system has yet to fully own up to its problems. Holder of more than one-third of the nation's staggering $212 billion of farm debt, the system is a crazy-quilt confederation of 12 regional banks, each with a land bank for land loans, an intermediate credit bank for planting loans and a bank for farm cooperatives. A 37th unit is a central bank for farm cooperatives. The system finances its loans by selling bonds and notes; it has about $70 billion worth outstanding. They aren't government-backed, though the system's regulator, the Farm Credit Administration, is a federal agency.
Publisher
Dow Jones & Company Inc
Subject
