Quote For The Week

Posted In: Crash Prophets, Crime, Financial Sector, Main Street, Quote For The Week, Wages, Wall Street

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Regarding the recent (and coming) big paydays on Wall Street, legendary investor Warren Buffett said in a BBC interview:

It’s infuriating – I can speak more about the American public – but it’s infuriating to people to see their friends losing their jobs. In terms of seeing their friends having their homes foreclosed upon, whatever it may be. 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…

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