What's happened to the accounting profession?

Now we learn that the people running FNMA either knew crap about accounting or were crooks. Consider some of the conclusions of the Rudman report:

• Accounting practices were not consistent with GAAP (Generally Accepted Accounting Principles). GAAP is what you learn in Accounting 101.
• Accountants, financial people, auditors were either unqualified, did not know their roles or failed to exercise their responsibility.
• Information management gave to the board was incomplete or misleading.
• Accounting systems were grossly inadequate.

The result: a need to restate their numbers by $10.8 billion.