Sunday, May 17, 2009

Stanford Lawyer: interview with Charles T. Munger

I would argue that a majority of the horrors we face would not have happened if the accounting profession developed and enforced better accounting. They are way too liberal in providing the kind of accounting the financial promoters want. They've sold out, and they do not even realize that they've sold out.
Charles T. Munger, vice chairman of Berkshire Hathaway (Warren Buffet's company) in
Q&A: Legal Matters with Charles T. Munger

Assuming Charles' statement is correct, I don't think accounting is the only profession that has sold out to mediocrity, driven by commercial benefits to a minority, but to the overall detriment of society.

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