Warren Buffett's Main Man Says Give It Up For The Bailouts, Advises People Who've Fall On Hard Times To Stuff It

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Charles Munger, the billionaire vice chairman of Berkshire Hathaway, defended the U.S. financial-company rescues of 2008 and told students that people in economic distress should “suck it in and cope.” “You should thank God” for bank bailouts, Munger said in a discussion at the University of Michigan on Sept. 14, according to a video posted on the Internet. “Now, if you talk about bailouts for everybody else, there comes a place where if you just start bailing out all the individuals instead of telling them to adapt, the culture dies.” [Bloomberg]

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Former Berkshire Hathaway Executive Has Only The Nicest Things To Say About Warren Buffett

On March 30, 2011, Warren Buffett penned an open letter expressing support for his former lieutenant, David Sokol, whose trading activities had been called into question. "Neither Dave nor I feel his Lubrizol purchases were in any way unlawful," Buffett wrote. Then, a month later, he told shareholders and reporters gathered at the BKR annual meeting in Omaha that, actually, Sokol was a degenerate bum; a piece of garbage that needed to be taken out, lest it stink up the place. (Actual words: "inexcusable," "inexplicable," in violation of "the company's insider-trading rules and code of ethics." Buffett added that Berkshire "had turned over some very damning evidence" re: Sokol to the Securities and Exchange Commission, to boot.) Though Sokol did not publicly respond to the comments at the time, they presumably stung quite a bit, since having your unassailable ex-boss basically call you a lowlife does not do wonders for the reputation. Now, a year later, after being informed that the SEC would not be taking action against him, is he in a Zen place about life in general and Buffett's words specifically? Are the two men cool? Could Sokol see them being friends again one day? At the very least, is he ready to laugh about them? Yes, yes he is.