Warren Buffet nails it!
From
Express Buzz:
Buffett: Bailouts not just for CEOs
dollars of taxpayer-funded bailouts of corporate America will eventually pay off.
But he thinks they shouldn't pay off for the wealthy people whose carelessness or ignorance made them necessary.
In his annual letter to shareholders of his Berkshire Hathaway Inc, Buffett offered acerbic criticism of financial industry chiefs and directors whose poor risk control nearly ran their companies into the ground.
He said that while these often-wealthy individuals "still live in grand style," it is the ordinary shareholders who have borne most of the burden of such failures, sometimes seeing more than 90 percent of their holdings wiped out.
We need more people like him...
Posted by DaveH at February 28, 2010 1:08 PM