Charlie Munger, the chief brain behind Berkshire Hathaway, said High Frequency Trading 'Basically Evil'
He also said "You can't trust bankers to govern themselves. A banker who is 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."
Seeing parallels between Cyprus and Iceland, Munger called it "stark, raving mad" and added that "the bankers would have been doing even more if it hadn't blown up. I do not think you can trust bankers to control themselves. They are like heroin addicts."
Munger also said China is better than the U.S. at nipping crazy booms in the bud. "They're willing to step in and intervene. They're willing to take the punch bowl away right in the middle of the party," he said. "I like people like that."
Bankers Are Like Heroin Addicts: Munger
Events in Europe show bankers gone wild and why you can’t trust them, said Warren Buffett’s right-hand man Charlie Munger.
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