Thursday, May 14, 2009

Charlie Munger Thinks Accountants Suck, Greenspan is Bonkers, and Doesn't Want Any Democrat but Barack Obama to be President Right Now

The Stanford Lawyer has a kick ass interview with Charlie Munger where he gives his opinion on several topics. Here's the best quote regarding the accounting profession:

"I would argue that the majority of 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 don't even realize that they've sold out." (Emphasis mine)

Are you listening, KPDeloitteErnstCoopersMG?

I definitely recommend reading the whole thing for those of you who are interested. Those of you who aren't, all you need to know is that this guy has been Warren Buffet's right hand man since the Johnson Administration (literally) and last time I checked, WB is still doing ok.

Munger on Phony Accounting, Cultural Decay, and Derivatives [naked capitalism]

Q&A: Legal Matters with Charles T. Munger [Stanford Lawyer] Sphere: Related Content

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