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Tuesday, March 2

You know it's bad

by Blondesense Liz

You know it's bad when Warren Buffet attacks big bank executives for bringing their companies to near ruin.

Though he didn't put forward any proposals, Buffett suggested the need for greater oversight and, potentially, penalties for those in charge of the firms.

"It is the behavior of these CEOs and directors that needs to be changed: If their institutions and the country are harmed by their recklessness, they should pay a heavy price -- one not reimbursable by the companies they've damaged nor by insurance. CEOs and, in many cases, directors have long benefited from oversized financial carrots; some meaningful sticks now need to be part of their employment picture as well," he wrote.

Interestingly, Buffet and many many others became quite wealthy before deregulation. Nowadays, any asshole can run a business into the ground and still make out like a bandit.

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