- Financial Express
Buffett says executives must be accountable for failed banks
Berkshire Hathaway Inc.’s Warren Buffett said executives in charge of failed banks should be held accountable for mistakes that in some cases were hiding in “plain sight.” Buffett also called out regulation overseeing the banking sector as riddled with skewed incentives, as well as poor messaging by regulators, politicians and the press to the American public about the upheaval. The turmoil began with the liquidation of a small crypto-friendly lender in early March before it spread to engulf three other regional banks.
“The situation in banking is very similar to what it’s always been in banking – the fear is contagious, always,” Buffett said Saturday at the conglomerate’s annual general meeting in Omaha, Nebraska. Penalties must “hit the people that caused the problems.”