Charlie Munger Strikes Again: Compares Bankers To Heroin Addicts
There are a lot of people with vendettas against the major national banks: I myself have, on occasion, been one of them when mysterious fees have appeared in my bank statements.
However, Warren Buffet’s prolific sidekick Charlie Munger took the cake this morning when he voiced his view on bankers in an interview with CNBC. Though he’s 89 years old, his opinion is no less scathing.
I don’t think you can trust bankers to control themselves,” he said. “They’re like heroin addicts.”
Recent events in Europe prompted his comments: “What Cyprus demonstrates is an old truth: You can’t trust bankers to govern themselves.”
Munger called the situation “stark, raving mad,” adding that the bankers “would have been doing even more if it hadn’t blown up.”
In the past, Munger has shared tirades on everything from the flaws of accountants, to the “starving in the dark” achievements of communism, to Wall Street, which he called a “miasma of greed.” He has also referred to accountants as utter failures within the system and has gotten particularly spirited about gold investors, whom he called “hoarders” and “jerks.”
The Vice Chairman of Berkshire Hathaway Corporation is, however, a fan of Costco.
Generally speaking, I believe Costco does more for civilization than the Rockefeller Foundation,” he said at a 2010 speech at the University of Michigan. “You get a bunch of very intelligent people sitting around trying to do good, and I immediately get kind of suspicious and squirm in my seat… I’ve seen so much folly and stupidity on the part of our major philanthropic groups, including the World Bank, that I really have more confidence in building up the more capitalistic ventures like Costco.”