I can't believe I didn't see this link before:
http://www.omaha.com/index.php?u_page=1208&u_sid=10622671 [UPDATE: LINK NO LONGER WORKS]
Click on the "replay" button in the middle of the screen, and you'll get a live blogging report from the 2009 Berkshire Hathaway shareholder meeting.
According to the blogger, Charlie Munger made a comment about the subjectivity of bank earnings:
General accounting principles allow banks to show high earnings based on foolish investments. Munger says that kind of accounting should not be allowed.
Click on the "replay" button in the middle of the screen, and you'll get a live blogging report from the 2009 Berkshire Hathaway shareholder meeting.
According to the blogger, Charlie Munger made a comment about the subjectivity of bank earnings:
General accounting principles allow banks to show high earnings based on foolish investments. Munger says that kind of accounting should not be allowed.
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