“It has not been shareholders who have botched the operations of some of our country’s largest financial institutions. Yet they have borne the burden. Collectively, they have lost more than $500 billion in just the four largest financial fiascoes of the last two years. The CEOs and directors of the failed companies, however, have gone largely unscathed. Their fortunes may have been diminished by the disasters they oversaw, but they still live in grand style. It is the behavior of these CEOs and their directors that needs to be changed. If their institutions and the country are harmed by their recklessness, they should pay a heavy price — and one not reimbursable by the companies they have damaged nor by insurance.”
Warren Buffett’s letter to shareholders in Berkshire Hathaway’s 2009 Annual Report
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