In this interview, Stanford’s Professor Joseph A. Grundfest talks to Charlie Munger, vice-chairman of Berkshire Hathaway. The interview apparently dates from about December 2008) but it remains bang on the button.
As Munger says right at the start:
I would argue that a majority of the horrors wee face would not have happened if the accounting profession were organised properly.
But as he argues, they aren’t.