it may be both exaggerated and unfair”
Anytime one hints at a generalization, they’re bound to offend one or more individuals. In my “Letter from the Publisher” in the current issue of The Journal of Performance Measurement(R), as well as once or twice in my blog, I’ve touched on how accounting firms have occasionally let us down in their oversight of client financials. By no means was this intended as a generalization…if anything, most of the time accounting firms do what is expected of them; just as we’d expect that most of the time the rating agencies perform in a proper manner. It’s those “tail events” that get most of the attention. Recognizing this, I should avoid any hint that these problems are any bigger than they are. Granted, when they hit they get a lot of attention.
Just as with the scandals involving the Catholic Church a few years ago, most priests are far from being pedophiles; unfortunately, that didn’t stop some folks from offending quite innocent priests with their insensitive remarks. My remarks, too, may at times be insensitive, and for this I offer an apology.