Warren Buffett’s right-hand man at Berkshire Hathaway, Charlie Munger, told CNBC this morning why he doesn’t think you can trust bankers to govern themselves.
“I don’t think you can trust bankers to control themselves. They’re like heroin addicts,” he said.
The famed 89-year-old investor used the recent banking crisis in Cyprus as an example. He said it was very similar to what happened during Iceland’s financial meltdown a few years ago.
Watch him explain in this video clip from his interview with CNBC’s Becky Quick: