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Munger on subprime...

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May 08, 2007 – Comments (1)

"CM: What we had was a combination of sin and folly. The accountants allowed the institutions to show profits on loans that no one in their right mind would have allowed to show a profit until the loan matured to a better condition. The minute you pay people high commissions to make loans to the "undeserving poor," or the "overstretched rich," you're in trouble. I don't see how those who did it can still shave in the morning, because the face looking back is evil and stupid."

From the Berkshire Q&A transcribed here.

1 Comments – Post Your Own

#1) On May 08, 2007 at 11:41 AM, fOOLSONPARADE (93.00) wrote:

A slightly sexist remark assuming all those evil and stupid shave but still a wonderful bit of honesty in this euphemistic, happy-pill society!

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