Berkshire Hathaway Vice Chairman Charlie Munger rarely gives interviews, and when he does investors are wise to listen carefully. In the following CNBC interview with Becky Quick, Mr. Munger provides his general views regarding investment banking and says that Richard Fuld of Lehman Brothers was guilty of “megalomania” and “isolation”. Mr. Munger also gives Goldman Sachs CEO Lloyd Blankfein an endorsement with the caveat that he believes the entire industry is engaged in practices that are “socially undesirable”.
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Disclosure: The author owns shares of Berkshire Hathaway.