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As Assistant to the President for Economic Policy and Director of the National Economic Council (2017-2018), Gary Cohn managed the US economic policy agenda, stimulating economic expansion, job creation, and wage increases through historic tax and regulatory reform. Prior to that he was the President and Chief Operating Officer at Goldman Sachs where he worked for more than 25 years.

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Warren Buffett Calls for Accountability in Banking Crisis

by Starling Insights

Starling Insights Editorial Board

May 12, 2023

Observations

Warren Buffett, the billionaire investor and CEO of Berkshire Hathaway, has called for leaders of failed banks to face punishment.

The "CEO and directors should suffer" when banks get into trouble, Buffett argued. Otherwise, it "teaches the lesson that if you run a bank and screw it up, you're still a rich guy, the world still goes on."

Buffet added that he is wary of investing in banking stocks because "the incentives in bank regulation are so messed up and so many people have an interest in having them messed up."

Charlie Munger, Berkshire Hathaway's vice-chairman, echoed these sentiments. "I don't think having a bunch of bankers, all of whom are trying to get rich, leads to good things," Munger said. "I think bankers should be more like an engineer, avoiding trouble rather than trying to get rich … It's a contradiction in values."

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Warren Buffett Calls for Accountability in Banking Crisis

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