Warren Buffet on why Wall Street Needs Punishment
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…”