In an interview on CNBC, He said that Cyprus demonstrates, “an old truth, you can’t trust bankers to govern themselves. A banker who’s allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it, if the civilization doesn’t have rules that prevent it.” Warren Buffett’s right-hand man added, “What happened in Cyprus was very similar to what happened in Iceland, it was stark raving mad in both cases. And the bankers, they’d be doing even more if the thing hadn’t blown up. I do not think you can trust bankers to control themselves. They’re like heroin addicts.” [SFG]
Bill Ackman Politely Asks Charlie Munger "What's Your Problem, Bro?"
If you're going to talk sh!t about Valeant, just assume that Bill is listening.