A majority of the horrors we have faced are the fault of the accounting profession

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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.

Hat tip: Ian Fraser