Skip to content


Warren Buffet on why Wall Street Needs Punishment

leadimage

10/27/09 Stockholm, Sweden – A recent BBC News interview with billionaire Warren Buffet covers his perspective on the lack of punishment for Wall Street given the compensation and bonuses recently handed out.

Buffett says, “it’s infuriating to people to see their friends losing their jobs… having their homes foreclosed… And, nobody going to jail. It was one thing in Enron. At least you had (Jeffrey) Skilling and Ken Lay, or WorldCom or those things. Society at least felt there was a little bit of vengeance taking place. (Laughs.) But here nobody’s going to jail. In fact, a lot of them are walking off with tons of money which they got, in many cases, with preferential tax terms. So the American public’s exasperation of this is very understandable…”

The above transcript is from Boom2Bust, and the original video interview, where Evan Davis talks to Warren Buffett, is found on BBC News.

Author Image for Rocky Vega

Rocky Vega

Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let’s Go Publications, Harvard Student Agencies, and The Harvard Advocate.

The Daily Reckoning is your premier source for making sense of the news Washington and Wall Street generate. Each business day, The Daily Reckoning calls on its stable of world-class writers and thinkers to show you how to get ahead.

Start your 100% FREE subscription to The Daily Reckoning today and you’ll get a free research report, “How to Survive the Fall of Social Security.” Simply enter your email address below to get your free report and join over 495,000 worldwide Daily Reckoning subscribers!

We Respect Your Privacy and We will
Never Share or Sell Your Email Address

Related Articles:


One Response

  1. Dickie Fuld said

    Oh come on. Investment Bankers are greater than god. Show some respect please.

    on October 28, 2009.

Some HTML is OK

(never shared)

or, reply to this post via trackback. Our Comment Policy.