There were differing opinions on the expected impact of FAS 157-4. CNBC financial markets commentator Lawrence Kudlow suggested that it would result in banks reporting improved profitability and that their balance sheets would reveal much more capital than was previously reported under the provisions of SFAS No.157. On the other hand, opponents of the amendment, such as hedge fund manager James Chanos, argued that it “allows banks to substitute their own wishful-thinking judgments of value for market prices.”