{"id":210446,"date":"2010-01-21T13:29:00","date_gmt":"2010-01-21T18:29:00","guid":{"rendered":"tag:blogger.com,1999:blog-3087194156628161158.post-5114656072291740571"},"modified":"2010-01-21T15:10:58","modified_gmt":"2010-01-21T20:10:58","slug":"bloomberg-bank-failures-should-destroy-ceos-buffett-tells-fox","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/210446","title":{"rendered":"BLOOMBERG: Bank Failures Should Destroy CEOs, Buffett Tells Fox"},"content":{"rendered":"

By Jamie McGee<\/p>\n

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Jan. 21 (Bloomberg) — President Barack Obama<\/a>\u2019s proposals to regulate banks should include a requirement that chief executive officers and their spouses forfeit their assets when companies fail, billionaire Warren Buffett<\/a> said on the Fox Business Network today. <\/a><\/p>\n

\u201cThere ought to be a huge downside,\u201d said Buffett, whose Berkshire Hathaway Inc. is the largest shareholder in Wells Fargo & Co. \u201cMake it so that the CEO of an institution that fails, or goes to the government and needs help, really gets destroyed himself financially. Why should he come out any better than somebody that gets laid off as an auto worker at General Motors?\u201d <\/p>\n

Buffett, who collects a $100,000 salary as Omaha, Nebraska- based Berkshire\u2019s leader, said CEOs should act as \u201cchief risk officer.\u201d He has criticized bankers for failing to realize that housing prices could fall. <\/p>\n

Obama today introduced a plan that he said would reduce risk-taking by financial institutions. The proposal is part of an effort to overhaul financial regulations and would specifically prohibit banks from running proprietary trading operations or investing in hedge funds and private equity funds. Banks conduct proprietary trading for their own benefit, not for that of their clients. <\/p>\n

Buffett said he hadn\u2019t had an opportunity to review the administration\u2019s proposal. He supported Obama\u2019s campaign for president.<\/p>\n

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