“You can't give the average Wall Street CEO really lenient standards of accounting and expect the figures to be good. The accountant is like the referee in soccer. The accountant has to be the adult that prevents the mayhem. Accountants don't want to be the adults because it causes liability, it causes responsibility, it causes difficulty ... they failed us terribly.”

[A Conversation with Charlie Munger, Ross School of Business, YouTube, March 22, 2011, https://www.youtube.com/watch?v=Pph3Bg8Pihg] (quote at 23:30 of 1:59:58)

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Charlie Munger 9
American business magnate, lawyer, investor, and philanthro… 1924

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