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PPI Claim News - 1/3/2010

 
Bank Claim: Buffett joins the banker bashing

Billionaire investor Warren Buffett has joined the current wave of banker bashing.

In a letter to shareholders of the conglomerate holding company Berkshire Hathaway, Mr Buffett attacks the "derelict" landscape of the banking system.

He argued that the chief executives of failed financial institutions have walked away from the banking crisis relatively "unscathed" and called for greater government intervention.

Mr Buffett also suggested that those who have performed badly should not be permitted to stay in their position, further gambling with public money.

He writes: "A board of directors of a huge financial institution is derelict if it does not insist that its chief executive bear full responsibility for risk control. If he is incapable of handling that job, he should look for other employment."

He said that the behaviour of these figures needs to change and attacked the bonus culture.

"If their institutions and the country are harmed by their recklessness, they should pay a heavy price."

His comments come after two part-nationalised UK banks, Royal Bank of Scotland and Lloyds Banking Group, reported a combined loss of almost £10 billion for 2009.

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