Thanks to Rick Telberg at CPATrendlines, I am now aware of Mary Schapiro’s latest comments on accounting (to the CFA Institute 2010 Annual Conference in Boston, Mass.). We now have proof that the spirit of Professor Philip Barbay is alive and well inside the beltway. You don’t remember Professor Philip Barbay? He was the fool to Thornton Melon (played by Rodney Dangerfield) in the 1986 classic, Back to School. Here’s the scene I best remember:
- Dr. Phillip Barbay: …now, not withstanding Mr. Mellon’s input. The next question for us is where to build our factory?
- Thornton Melon: how ’bout fantasyland?
The Rodney Dangerfield (I don’t get no respect) character got no respect from Professor Barbay, and we in the accounting world get no respect from SEC Chair Mary Schapiro.
Let’s take a close look at Schapiro’s remarks.
The Summa 