Berkshire Hathaway is ending the public structure of its Wesco division, which has been seen as a “backdoor” way into investing in Berkshire itself.
Wesco is technically the company run by Buffett sidekick Charlie Munger, and at the final Wesco meeting munger is ripping on just about everyone.
Just coming over Bloomberg, he’s saying:
- Alan Greenspan “overdosed on Ayn Rand at a young age.”
- Dick Fuld “totally ruined” Lehman brothers.
- Banking is “evil” and contributed to the recession.
- In addition to being evil, bankers have also exhibited “megalomania” and “insanity” in fueling the boom.
- He’s calling for more regulations.
- The accounting industry is “contemptible” and it evaded responsibility for the crisis.
- Computerized trading he called “legalized front-running” and said prohibitions on tax increases are “just crazy” though he also denies that rich can’t take on the entirey of the tax buredn.
Hopefully we’ll have the full transcripts soon.