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Warren Buffett (CEO/Berkshire Hathaway)In Buffett's 2002 shareholder letter, he explains "how accounting standards and audit quality have eroded in recent years." Specifically, he cites the downfall of Arthur Andersen accounting. "The details of this sordid affair are related in Levitt's excellent book, Take on the Street," Buffett writes.
In Take on the Street, Arthur Levitt--Chairman of the Securities and Exchange Commission for eight years under President Clinton--provides the best kind of insider information: the kind that can help honest, small investors protect themselves from the deliberately confusing ways of Wall Street.
At a time when investor confidence in Wall Street and corporate America is at an historic low, when many are seriously questioning whether or not they should continue to invest, Levitt offers the benefits of his own experience, both on Wall Street and as its chief regulator. His straight talk about the ways of stockbrokers (they are salesmen, plain and simple), corporate financial statements (the truth is often hidden), mutual fund managers (remember who they really work for), and other aspects of the business will help to arm everyone with the tools they need to protect—and enhance—their financial future.