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Quickly, this is just a glimpse into Warren Buffett's annual shareholder meeting for Berkshire that draws about 40,000 investors per year.  It is being held this weekend.

 

"What Cyprus demonstrates is an old truth: You can't trust bankers to govern themselves," Munger told CNBC. "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."

http://finance.yahoo.com/...

Sounds like a good supporter of bank regulations, doesn't he?  Munger is Buffett's right-hand man and they obviously think alike.

Also-

"I think the long term investor is not too much affected by things like the flash crash. That said, I think it is very stupid to allow a system to evolve where half of the trading is a bunch of short term people trying to get information one millionth of a nanosecond ahead of somebody else," Munger said.

"It's legalized front-running. I think it is basically evil and I don't think it should have ever been allowed to reach the size that it did," he said. "Why should all of us pay a little group of people to engage in legalized front-running of our orders?"

Same link.

Goes to show us that the richest guys in the world are no friends of Wall Street bankers.

Now, anyone who knows me knows I am all for tough bank regulations.  So even though I don't think banking is a criminal endeavor I do enjoy this type of discussion.

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